A building at Goodman’s Tsuen Wan West data centre campus (Image: Goodman)
Goodman Group on Friday announced the creation of a $2.7 billion private investment vehicle focused on the Hong Kong data centre market, with the Australian industrial specialist signing up a roster of global institutional partners to back the initiative.
The vehicle’s 325-megawatt seed portfolio comprises six assets spanning 2.3 million square feet (213,677 square metres), Sydney-based Goodman said in a release. The assets include four stabilised data centres at Goodman’s 225MW Tsuen Wan West campus in the New Territories and two under-development projects.
The Goodman Hong Kong Data Centre Partnership sees the group taking a 20 percent cornerstone stake alongside Dutch pension fund managers PGGM and APG, the Canada Pension Plan Investment Board, CBRE Investment Management and an unspecified Middle Eastern investor. GHKDC follows the 2023-vintage Goodman Japan Data Centre Venture, which is expected to reach $1.1 billion in assets by the end of this year.
“Demand for data centres in Hong Kong and Tokyo continues to grow with limited supply alternatives,” said Paul McGarry, Goodman’s head of Asia. “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.”
Power Player
Goodman’s portfolio accounts for roughly 30 percent of Hong Kong’s data centre market by power capacity and serves global clients like Shanghai-based GDS Holdings’ overseas arm, known as DayOne, which leases two of the four buildings at the Tsuen Wan West campus.
Paul McGarry, head of Asia at Goodman
The projects under development include a conversion of the former Goodman Texaco Centre industrial building, also in Tsuen Wan, into a 50MW facility due to be completed in mid-2026, as well as another 50MW site.
“The growing global adoption of cloud and AI services is generating demand for data centres in metro areas, close to end users, where our Hong Kong facilities are located,” said the group led by founder and CEO Greg Goodman.
The launch of the Hong Kong partnership follows ASX-listed Goodman’s A$4.4 billion equity raise via a private placement in February, with proceeds from that exercise helping to fund 500MW of new data centre projects and kick-start GHKDC.
International Workbook
In Tokyo, Goodman last month launched into service a hyperscale facility leased to Singapore-based ST Telemedia Global Data Centres. STT Tokyo 1 is the first of two buildings constituting STT GDC’s data centre campus at Goodman Business Park in the Inzai digital hub northeast of the Japanese capital. Together the pair will support up to 70MW of IT capacity.
Farther north in Ibaraki prefecture’s Tsukuba, Goodman is developing a 1,000MW campus after securing land from a local government authority in 2022. The site’s first data centre, a 50MW facility built for a client, is due for completion in 2026.
The Australian group broke ground on a 49.5MW Los Angeles data centre in March and filed documents for a A$1.2 billion, 90MW facility in Sydney dubbed “Project Mars” a month later.
To oversee the company’s digital infrastructure business globally, Goodman in April brought aboard Microsoft executive Kraig Knight as executive vice president for data centre operations. Knight had served as general manager of data centre central operations at the tech giant since mid-2023 after earlier working as general manager of global data centre construction.
The hire followed an 18-month data centre recruitment drive that saw Goodman add a number of digital infrastructure veterans to its team, including former Schneider Electric executive Bradley Harrower, who joined as head of customer solutions with the data centre team in Sydney in February.
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