---
endpoint: analytics
pattern: Property
status: done
latency_ms: 135133
conversation_id: 6af069e1-f287-49f7-ba90-23ad7886b5ca
citations: 7
created: 2026-05-31 18:09:17Z
---

# Who are the key customers and suppliers of Goodman?

# Goodman Group (GMG-AU) — Key Customers and Suppliers

Goodman Group is an Australian-listed global industrial property owner / developer / fund manager whose "customers" are the tenants leasing its warehouses, logistics facilities, and (increasingly) data centres. It does not have a traditional supplier base in the manufacturing sense; its "supplier" relationships are construction contractors, infrastructure / power providers, capital partners, and emerging data-centre operating partners.

## 1. Customer base — scale and structure

Goodman serves a broad, diversified tenant base (more than 1,700 customers globally in FY2020, up from ~1,350 in FY2008), spanning e-commerce, logistics / 3PL, retail and FMCG, consumer goods, automotive, pharmaceutical and technology [2].

## 2. Top global customers (by net property income, look-through basis)

The customer mix has shifted markedly toward e-commerce / cloud / data-centre tenants over the past decade. The most recent top-20 list available in the indexed filings is FY2022 [1]:

| Rank | Customer | % of net income |
|------|----------|-----------------|
| 1 | **Amazon** | 7.1 |
| 2 | Deutsche Post (DHL) | 2.2 |
| 3 | A.P. Moller – Maersk | 1.7 |
| 4 | Japan Post (Toll) | 1.6 |
| 5 | BMW Group | 1.3 |
| 6 | SF Express | 1.2 |
| 7 | Iron Mountain | 1.1 |
| 8 | Koch | 1.0 |
| 9 | Equinix | 1.0 |
| 10 | DB Schenker | 1.0 |
| 11 | Australia Post | 0.8 |
| 12 | JD.com | 0.8 |
| 13 | Kuehne + Nagel | 0.7 |
| 14 | Mainfreight | 0.7 |
| 15 | Noble House Home Furniture | 0.7 |
| 16 | Syncreon Technology | 0.7 |
| 17 | Omlog | 0.6 |
| 18 | Coca-Cola Amatil | 0.6 |
| 19 | Linfox | 0.6 |
| 20 | IVE Group | 0.6 |

Source: FY2022 results presentation [1]

Comparable FY2020 top tier was Amazon (#1), DHL 2.3%, Maersk 1.7%, Japan Post (Toll) 1.6%, Kimberly-Clark 1.3%, SF Express 1.3%, Iron Mountain 1.1%, Georgia-Pacific 1.1%, BMW 1.1%, JD.com 1.0%, DB Schenker 1.0%, Equinix 0.9% [2] — showing Amazon's dominance scaling from low single-digits a decade ago to ~7% today, and the rise of Asian e-commerce (SF Express, JD.com) and data-centre tenants (Equinix, Iron Mountain).

## 3. Customer base by segment

- **Third-party logistics (3PL)**: DHL, DB Schenker, Nippon Express, Toll, Kuehne + Nagel — long-standing global partners across multiple continents [5].
- **E-commerce / e-retail**: Amazon, Zalando, Net-A-Porter, GraysOnline (historic); JD.com, SF Express, Vipshop (China focus) [5].
- **Retail & FMCG**: Woolworths, Wesfarmers, Coles, Metcash, Tesco, Coca-Cola Amatil, Unilever, Kimberly-Clark [5].
- **Automotive**: BMW Group, Mazda, Daimler, Volkswagen [5].
- **Data centres / technology**: Equinix has been a recurring top-20 tenant; recent direction is toward **hyperscaler** end-users (cloud / AI infrastructure) under turnkey build-to-suit models — see Section 5.
- **Japan multi-tenant**: at Goodman Sakai (Osaka), Nippon Express, Nissin and Keihin co-anchored the 130,000 sqm facility [7].

## 4. The hyperscaler pivot — the most important customer development

In Goodman's Q1 FY2025 operating results call (Nov 2024), management confirmed that imminent data-centre developments are shifting from "powered shell" to **turnkey full build-outs** at hyperscaler request, with Goodman positioning itself as both landlord AND operator [3]:

- "A lot of the data centers you'll be kicking off imminently will be turnkey... customer demand, speed to market, the complete solution is what we're doing" [3].
- "If a big hyperscaler comes and they go, yes, we want that building. It's an 80-megawatt hour and we'll take it over 5 years. Can we operate that for them with them..." [4].
- The model envisages either (a) hyperscaler-as-tenant directly or (b) Goodman partnering with established colocation operators ("operators that's good credentials, and we all know who they are") for multi-tenant facilities [4].

Specific hyperscaler names (AWS / Microsoft / Google / Meta) are not disclosed by Goodman in the indexed documents — they are referenced as a customer category rather than by name.

## 5. Key suppliers / partner ecosystem

Goodman is a developer / fund manager, so its "suppliers" fall into four buckets:

### (a) Construction contractors and infrastructure
Management has identified contractor capacity, planning approvals, and power as the binding constraints in the current cycle: "working through the infrastructure properly, the planning and the power, making sure you've got the planning and your contractors locked down" [6]. Goodman augments an in-house technical team with external contractors, and is building an operational overlay (mechanical, electrical, operational expertise) for data centres [6].

### (b) Data-centre operating partners
For data-centre facilities, Goodman intends to **partner with colocation / DC operators** where infrastructure synergies exist — described as "operators that's good credentials, and we all know who they are" (i.e., listed colocation specialists), though no specific names are confirmed in the indexed transcripts [4].

### (c) Capital partners / fund management JVs
Goodman's growth model is built on partnerships with global capital, not on-balance-sheet leverage. Disclosed long-standing capital partners include:
- **Abu Dhabi Investment Council** (Goodman Japan Development Partnership) [7]
- **CPP Investment Board, APG, GIC** and other sovereigns / pensions (Goodman Japan Core Fund, Goodman European Logistics Fund, Goodman China Logistics Holding) — referenced in CLSA's 28 May 2025 Goodman initiation/update note (607960765LinqAlpha.PDF).
- Historical JV: **WTorre** (Brazil) — a 50/50 venture to develop logistics & industrial property; WTorre supplied local execution capability while Goodman supplied global customer base and fund-management expertise [5].

### (d) Build-to-suit anchor customers (who function as the supplier "spec")
Several large customers act as both customer AND co-designer of the asset:
- **Vipshop** (China e-retailer): partner for the Wuqing build-to-suit logistics facility [7].
- **GeoPost** (French parcel): turnkey parcel hub at Hinckley Commercial Park, UK [5][7].
- **Coca-Cola Amatil** (Australia, 31,200 sqm warehouse) and **Whirlpool** (Poland, 25,200 sqm) — historic build-to-suit examples [5].

## 6. What this means

- **Customer-concentration risk is low ex-Amazon**: outside Amazon (~7%), no single customer exceeds ~2.2% of look-through net income [1] — atypical concentration risk only at the top of the table.
- **The book is migrating from logistics-only to logistics + hyperscale data centres**: the FY2025 commentary signals that future "top customer" disclosures will likely show one or more hyperscalers entering the top-5, displacing some legacy 3PL names [3][4].
- **Asset quality is maintained by long 3PL / FMCG / retail anchors**: DHL, DB Schenker, Maersk, Japan Post (Toll), Kuehne + Nagel and the Australian grocers (Wesfarmers, Coles, Woolworths, Metcash) provide the recurring rental backbone [1][5].
- **The supplier story is now power and construction capacity**: the binding inputs are no longer land — they are grid power, planning permissions, and turnkey DC contractors, which Goodman is internalising via hiring [6].

---
**Sources**

[1] Goodman Group FY2022 Results Presentation — top-20 global customers table (slides) — TFS chunk
[2] Goodman Group H2 2020 Report (FY2020 Annual Report) — "more than 1,700 customers... diverse range of global and local customers" + top-20 list — TFS chunk
[3] Goodman Group Q1 FY2025 Operating Results Call (Nov 6, 2024) — turnkey shift commentary — TFS chunk
[4] Goodman Group Q1 FY2025 Operating Results Call (Nov 6, 2024) — hyperscaler tenant + operating partner model — TFS chunk
[5] Goodman Group H2 2013 Report (Annual Report) — segment customer rosters (3PL, e-retail, retail & FMCG, automotive) and WTorre JV — TFS chunk
[6] Goodman Group Q1 FY2025 Operating Results Call (Nov 6, 2024) — contractor / power / planning constraints — TFS chunk
[7] Goodman Group H2 2014 Report (Annual Report) — Sakai (Nippon Express / Nissin / Keihin), Vipshop, GeoPost, Abu Dhabi Investment Council — TFS chunk

Also reviewed but not directly cited: CLSA, *Goodman — HC O-PF (Roadmap becoming clearer)*, 28 May 2025 (607960765LinqAlpha.PDF); CLSA, *Australian property (Who's who in the zoo II)*, 19 Jun 2025 (607962339LinqAlpha.PDF); CLSA, *Australian Property (Industry views on asset values)*, 16 Jun 2025 (607962124LinqAlpha.PDF).

## Citations

- [1] **20b17-2021-08-12-05-00-26-migrated.pdf** · external
- [2] **Goodman Group, H2 2020 Report** · external
- [3] **Goodman Group, Q1 2025 Operating Results Call, Nov 06, 2024** · external
- [4] **Goodman Group, Q1 2025 Operating Results Call, Nov 06, 2024** · external
- [5] **Goodman Group, H2 2013 Report** · external
- [6] **Goodman Group, Q1 2025 Operating Results Call, Nov 06, 2024** · external
- [7] **Goodman Group, H2 2014 Report** · external

