Australia’s Goodman Group announced on Friday that it will form a $2.7 billion investment consortium in collaboration with international pension funds and investors to develop data centre ventures across Hong Kong.
The industrial property giant has partnered with Dutch firms PGGM and APG, the Canada Pension Plan Investment Board, and CBRE Investment Management’s Indirect Private Real Estate Strategies. The consortium also includes an undisclosed investor from the Middle East.
Goodman Group stated that it will serve as a cornerstone investor in the partnership, holding a 20% stake.
The newly formed consortium will take ownership of four existing data centres in Hong Kong, currently held by Goodman under an industrial partnership, along with two additional centres that are under development. Moreover, the company stated that Goodman’s portfolio accounts for approximately 30% of Hong Kong’s data centre market by power capacity, underscoring its strong presence in the region.
Goodman, which operates similar data centre partnerships in Japan and Europe, noted that its Japanese venture is expected to reach $1.1 billion in assets by the end of 2025.
Additionally, CEO Greg Goodman noted that the company’s A$10 billion ($6.57 billion) industrial property portfolio in Hong Kong holds significant potential for future data centre conversions. This, in turn, highlights the ongoing growth opportunities and strategic value the region offers for Goodman’s expansion plans.
“There’s opportunities in the industrial portfolio. We have to basically redevelop them into data centres and they would then come into this partnership for development,” Goodman said in an interview.
“There’s a lot of inquiry now coming out of China, you’ve seen a big push in artificial intelligence in China. China is on a big growth path in regard to digital evolution and the whole AI sector. So you can expect a lot of Chinese operators also very interested in Hong Kong.”
Goodman in February raised $2.54 billion in a share placement to help fund the future growth of its global data centres business.
