Goodman Group has raised $455 million for its Hong Kong Data Centre Partnership, known as GHKDCP. Proceeds from the equity raise will predominantly fund the mechanical and electrical fit-out of Goodman HKG10, a data center in Tsuen Wan that will be operated by Goodman. The project will be located in an existing Goodman warehouse, with first capacity expected to be ready for service in early 2028.
The partnership launched in July 2025 with Goodman as the anchor investor, taking a 20 percent stake. The remaining cash was provided by 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. Paul McGarry, Goodman's Head of Asia, described the raise as a clear endorsement of the strategy set out when the $2.7 billion investment partnership was launched just over a year ago. The portfolio is eventually expected to comprise six assets providing 180MW of IT capacity.
The funding supports a long-term investment in Hong Kong's digital infrastructure. McGarry said the project reduces environmental impact by revitalizing an existing building, avoiding emissions associated with demolition and reducing the need for new carbon-intensive structural materials such as concrete and steel. Goodman has more than 500MW of stabilized data center capacity in its Asia platform across Hong Kong and Japan, with another 150MW under active construction. Globally, the company's power bank stood at 6.4GW as of 30 June 2026, including 3.6GW of secured power.
What remains unknown is the identity of the new investors in this latest raise, the specific allocation of the $455 million beyond the fit-out, and the expected timeline for the remaining five assets in the partnership. The source also does not detail customer commitments or pricing for HKG10 capacity, leaving the commercial uptake of the 2028 opening an open question.