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Australia's Goodman slips after abandoning plans on Sydney data centre development

By Reuters News9 hours ago Updated

** Shares of Goodman Group GMG.AX fall as much as 2.1% to A$25.75, their lowest level since September 22

** Stock posts its weakest intraday trading session since September 24

** GMG, Australia's biggest property company, on Monday abandoned plans to build a data centre metres from people's homes in the Sydney suburbs

** Company says it will withdraw development application for the A$1.2 billion ($841.92 million) 90-megawatt facility known as Project Mars

** Local residents in Lane Cove, where Goodman had intended to develop Project Mars, had opposed the plan of a data centre

** Stock set for second consecutive day of losses, if trends hold

** YTD, stock down 16.8%, including the day's moves

($1 = 1.4253 Australian dollars)

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