Goodman Group has raised over A$2bn (€1.1bn) in equity for its new Hong Kong data centre vehicle which holds A$4.1bn worth of assets.
The investors in the Goodman Hong Kong Data Centre Partnership (GHKDC) include Dutch pension fund managers PGGM and APG, Canada Pension Plan Investment Board, CBRE Investment Management’s indirect private real estate strategies and a Middle Eastern investor.
GHKDC is Goodman Group’s second partnership in Hong Kong. The first is Goodman Hong Kong Logistics Partnership.
Greg Goodman, group CEO, told IPE Real Assets: “These are all existing investors in various Goodman partnerships around the world. We have also taken a big financial position in the partnership.”
Goodman Group has a 20% cornerstone stake in GHKDC.
“There’s a lot of capital around the world for data centres and this platform has four stabilised assets with 225MW with another 100MW in two new developments,” he said, adding that there would be growth prospect.
“We own around A$10bn of industrial property in Hong Kong. Over time, there will be opportunities to get the planning [approvals], obtain power and take some of those industrial assets into our data centre programme. So, you’ll see that data centre platform in Hong Kong will grow as we take opportunities around the assets we already own.“
Paul McGarry, Goodman’s head of Asia, said: “Demand for data centres in Hong Kong and Tokyo continues to grow with limited supply alternatives. The strength of the Goodman platform is enabled by our land in prime locations, secured power, an experienced team, and access to capital.
“Combined, these factors position us well to continue delivering to the scale and quality that meets the needs of our customers,” he said, adding with a future development power bank of over 1GW across these major cities, the group is confident in its ability to deliver the infrastructure essential to Asia’s digital economy.
The Goodman’s portfolio accounts for approximately 30% of Hong Kong’s data centre market by power capacity.
GHKDC follows the formation of the Goodman Japan Data Centre Venture in 2023, which will reach US$1.1bn (€934bn) in assets by the end of this year.
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