Goodman Raises $455m for Hong Kong Data Centre Partnership to Fund Tsuen Wan Facility

Goodman Group has raised $455 million in equity for its Hong Kong Data Centre Partnership (GHKDCP), with the proceeds earmarked primarily to fund the mechanical and electrical fit-out of Goodman HKG10, the partnership's data center in Tsuen Wan. The facility will be operated by Goodman and is scheduled to deliver its first capacity in early 2028.

The capital raise underscores growing investor appetite for well-located data center capacity in Hong Kong, a market characterized by constrained supply and persistent demand from hyperscale and enterprise customers. The GHKDCP was launched in July 2025 with Goodman as anchor investor holding a 20 percent stake, alongside institutional and sovereign wealth partners including PGGM, APG, Canada Pension Plan Investment Board, CBRE Investment Management's Indirect Private Real Estate Strategies, and an unnamed Middle Eastern investor. The partnership was established with a $2.7 billion investment mandate.

Paul McGarry, Goodman's Head of Asia, said the equity raise is a clear endorsement of the strategy set out when the partnership was launched just over a year ago. He noted that the continued support of existing investors, alongside contributions from new investors, reflects confidence in the quality of the portfolio, the depth of customer demand and the opportunity for well-located data center capacity in Hong Kong, positioning the partnership to continue delivering the scale, reliability and quality its customers require.

Goodman HKG10 will be developed within an existing Goodman warehouse, a conversion approach that the company says reduces the project's environmental impact by avoiding emissions associated with demolition and lessening the need for new carbon-intensive structural materials such as concrete and steel. McGarry described the project as a long-term investment in Hong Kong's digital future, adding that revitalizing an existing building makes responsible use of Hong Kong's limited land while adding critical infrastructure that underpins the city's position as a leading technology hub in Asia.

The GHKDCP portfolio is ultimately expected to comprise six assets delivering 180MW of IT capacity. Goodman's broader Asia platform holds more than 500MW of stabilized data center capacity across Hong Kong and Japan, with another 150MW under active construction. Globally, the company's power bank stood at 6.4GW as of June 30, 2026, including 3.6GW of secured power.