---
endpoint: analytics
pattern: Property
status: done
latency_ms: 178255
conversation_id: 4c59d1ce-e0bb-449f-b5f0-c4506b3d907b
citations: 3
created: 2026-05-31 18:11:12Z
---

# Who are the key shareholders of Goodman?

# Key Shareholders of Goodman Group (GMG-AU)

Goodman Group's register is structured in two distinct layers — (i) the **Top 20 Securityholders** as recorded on the share register, which is dominated by custodian nominee accounts (the registered legal holders), and (ii) the **Substantial Securityholders**, which are the ultimate beneficial owners that have crossed the >5% disclosure threshold (or whose latest notice remains on file). The two views answer different questions, so both are presented below.

## 1) Substantial (Beneficial) Securityholders — as at 31 July 2025

Per Goodman Group's FY25 Annual Report, the latest substantial securityholder notices disclose **three** ultimate beneficial owners [2]:

| # | Substantial Securityholder | Securities Held |
|---|----------------------------|-----------------|
| 1 | **State Street Corporation** | 169,240,997 |
| 2 | **Vanguard Group** | 167,546,666 |
| 3 | **BlackRock Group** | 162,980,356 |

Each of these is around ~8% of Goodman's 2.031 bn issued securities [1], reflecting that the global passive/index-tracking giants — Vanguard, BlackRock and State Street — collectively hold approximately a **quarter of Goodman's equity** through their respective index, ETF, and discretionary mandates.

**Change vs. FY24**: At 31 July 2024, the substantial holder list also included **Leader Investment Corporation / China Investment Corporation (CIC)** with 149,918,913 securities [3]. CIC has since dropped off the substantial holders list in the FY25 disclosure — they have either fallen below the 5% threshold or sold down. This is a notable shift given CIC's historically meaningful position in Goodman (originally via the 2009 A$500m Exchangeable Securities issuance and subsequent stapled-security holdings).

## 2) Top 20 Securityholders on Register — as at 31 July 2025

The on-register top 20 (which represents legal/custodial holders, not beneficial owners) is dominated by global custodians acting on behalf of underlying institutions and funds [1]:

| # | Registered Holder | Securities | % Issued |
|---|-------------------|-----------:|---------:|
| 1 | HSBC Custody Nominees (Australia) Limited | 869,109,853 | 42.80% |
| 2 | JP Morgan Nominees Australia Pty Limited | 439,517,514 | 21.64% |
| 3 | Citicorp Nominees Pty Limited | 283,430,994 | 13.95% |
| 4 | BNP Paribas Nominees Pty Ltd (Agency Lending A/C) | 79,862,501 | 3.93% |
| 5 | BNP Paribas Noms Pty Ltd | 51,739,726 | 2.55% |
| 6 | National Nominees Limited | 30,283,746 | 1.49% |
| 7 | Citicorp Nominees (Colonial First State Inv A/C) | 19,063,900 | 0.94% |
| 8 | **Trison Investments Pty Ltd** | 16,193,803 | 0.80% |
| 9 | HSBC Custody Nominees (NT-Comnwlth Super Corp A/C) | 14,607,544 | 0.72% |
| 10 | **Australian Foundation Investment Company Limited** | 10,890,671 | 0.54% |
| 11 | BNP Paribas Nominees Pty Ltd (HUB24 Custodial Serv) | 9,146,758 | 0.45% |
| 12 | **Beeside Pty Ltd (The Beeside A/C)** | 7,191,750 | 0.35% |
| 13 | BNP Paribas Noms (NZ) Ltd | 6,467,133 | 0.32% |
| 14 | HSBC Custody Nominees (A/C 2) | 6,108,157 | 0.30% |
| 15 | Netwealth Investments Limited (Wrap Services A/C) | 5,907,396 | 0.29% |
| 16 | UBS Nominees Pty Ltd | 5,670,778 | 0.28% |
| 17 | Custodial Services Limited (Beneficiaries Holding A/C) | 4,987,694 | 0.25% |
| 18 | HSBC Custody Nominees (Australia) Limited | 4,286,113 | 0.21% |
| 19 | Beeside Pty Ltd (The Beeside A/C) | 4,000,000 | 0.20% |
| 20 | UBS Nominees Pty Ltd | 3,806,197 | 0.19% |

(Note: percentages recomputed against 2,031,151,466 issued securities; the report's printed % column carried forward FY24 labels and is internally inconsistent with the FY25 share counts. The share counts themselves are as disclosed.)

- **Top 20 collectively** hold **1,872,272,228** securities, or **92.08%** of all issued [1].
- **Balance** (retail + non-top-20): 158,879,238 (7.92%) [1].
- **Total issued securities**: 2,031,151,466 [1].

### Reading the register

- **Positions 1–7** are pure custodian/nominee structures — HSBC, JP Morgan, Citicorp, BNP Paribas, National Nominees, UBS — through which the global asset managers (Vanguard, BlackRock, State Street, sovereign wealth funds, super funds, etc.) hold their economic exposure. The substantial securityholder table above is the appropriate lens for true beneficial ownership.
- **Trison Investments Pty Ltd (#8, 16.2m units)** and **Beeside Pty Ltd (#12 and #19, combined ~11.2m units)** are private investment vehicles widely associated with **the Goodman family and senior management**, including CEO and founder **Greg Goodman** (who has led Goodman since August 1998 — the longest CEO tenure among ASX large-cap REITs [4]). These are the visible insider holdings on the register.
- **Australian Foundation Investment Company (AFIC, #10)** is a large Australian-listed investment company — a long-only, long-duration domestic equity owner — frequently a top-20 holder of ASX blue-chips.

### Governance & insider context

The fact that Greg Goodman has been CEO since August 1998 — the only large-cap A-REIT chief with that tenure [4] — means founder/management alignment is a structural feature of the share register, surfaced visibly through the Trison and Beeside vehicles. The remaining bulk of the float sits with **global passive managers (Vanguard, BlackRock, State Street)** and **active global REIT specialists** (historically Cohen & Steers, and other dedicated property funds) — typical of a US$44.8bn market-cap, ASX 50-included global logistics REIT now repositioning toward data-centre development.

## Summary

- **Beneficial top holders (>5% disclosure)**: **State Street ~169m, Vanguard ~168m, BlackRock ~163m** — together ~25% of the company [2].
- **CIC (China Investment Corporation)** — historically a major beneficial holder — **dropped off the substantial holders list between FY24 and FY25** [3][2].
- **On-register top 20** is 92% of all securities, dominated by global custodian nominees (HSBC, JP Morgan, Citicorp, BNP Paribas) acting for underlying institutions [1].
- **Insider/founder-linked vehicles** Trison Investments and Beeside Pty Ltd are top-20 on-register holders, consistent with Greg Goodman's 25+ year founder-CEO presence [4].

---

**Sources**
[1] Goodman Group — FY2025 Annual Report (Appendix B — Securities Information, Top 20 Securityholders as at 31 July 2025)
[2] Goodman Group — FY2025 Annual Report (Substantial Securityholders, as at 31 July 2025)
[3] Goodman Group — FY2024 Annual Report (Substantial Securityholders, as at 31 July 2024)
[4] CLSA — Australian Property "Who's who in the zoo II" (19 Jun 2025) — 607962339LinqAlpha.PDF (CEO tenure table for ASX large-cap REITs)

## Citations

- [1] **Goodman Group, H2 2025 Report** · external
- [2] **Goodman Group, H2 2025 Report** · external
- [3] **Goodman Group - Goodman 2024 Annual Report (GMG-AU)** · external

