Goldman Sachs Boosts Real Estate Portfolio with Australian Last-Mile Asset: Report

The Goldman Sachs Group, Inc. GS shares are trading marginally lower today. The company’s alternative investments platform reportedly acquired seven logistics properties in Australia to expand its real estate portfolio for an undisclosed amount.

Goldman Sachs Alternatives acquired “last-mile” properties in Adelaide, Brisbane, Perth, and Melbourne, leased to e-commerce, transport, and wholesale distributors, Reuters reported.

Last-mile logistics assets, typically urban warehouses, facilitate final delivery processing before reaching end-users.

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The report quoted Nikhil Reddy, head of Asia Pacific real estate at Goldman Sachs Alternatives, who said, “This investment highlights our continued commitment to Australian real estate and reflects our conviction in sourcing Australian last-mile logistics properties for our investors.”

Since 2012, Goldman Sachs Alternatives has invested over A$13 billion ($8.62 billion) in Australia, with A$6.2 billion allocated to industrial assets, office and commercial properties, and data centers since 2017.

Last week, Goldman Sachs reportedly made several senior leadership appointments within its investment banking team.

This month, the bank reported second-quarter revenue of $12.730 billion, beating the consensus of $12.456 billion and EPS of $8.62, beating the consensus of $8.35.

Investors can gain exposure to the stock via IShares U.S. Broker-Dealers & Securities Exchanges ETF IAI and Global X Funds Global X Dow 30 Covered Call ETF DJIA.

GS Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Goldman Sachs have an average 1-year price target of $503.67, representing an expected upside of 3.41%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Goldman Sachs Gr, while 12 analysts have bullish ratings. The street high price target from Barclays is $565.0, while the street low from BMO Capital is $373.0.

Price Action: GS shares are down 0.05% at $486.82 premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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