Australia’s Goodman Group has raised US$455 million in equity funding, primarily to cover the mechanical and electrical fit-out costs of its HKG10 facility in Tsuen Wan, Hong Kong.
The project involves repurposing an existing Goodman warehouse, located within one of the city’s established data center availability zones, with the intention of creating a modern, high-tier facility. The first phase of capacity is expected to be ready for service in early 2028.
“By revitalizing an existing building, we are reducing the project’s environmental impact and making responsible use of Hong Kong’s limited land. Retaining the building’s existing structure avoids emissions associated with demolition and reduces the need for new carbon-intensive structural materials such as concrete and steel, while adding critical infrastructure that underpins Hong Kong’s position as a leading technology hub in Asia,” Paul McGarry, Goodman’s Head of Asia, said in a statement on Wednesday.
Private institutional investment platform
The equity is for the Goodman Hong Kong Data Centre Partnership (GHKDC), a private institutional investment platform focusing exclusively on the city’s data center market.
The GHKDC Partnership, valued at $2.7 billion and established in April last year, comprises institutional and sovereign wealth partners including PGGM, APG, the Canada Pension Plan Investment Board (CPP Investments), CBRE Investment Management’s Indirect Private Real Estate Strategies (CBRE IM Indirect) and a Middle Eastern investor.
According to McGarry, the latest $455 million equity has been raised from existing and new institutional investors.
“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. It positions the Partnership to continue delivering the scale, reliability and quality our customers require,” he added.
GHKDC’s portfolio comprises four fully stabilized data centers and two under active development. Once complete, the six assets will offer over 2.3 million square feet of gross lettable area and 325 MVA of primary utility power – equating to more than 180MW of IT load. Goodman’s portfolio accounts for approximately 30% of Hong Kong’s data center market by power capacity.
Goodman’s Asia data center platform is made up of over 500MW of stabilised data centers across the supply limited markets of Hong Kong and Japan, with another 150MW under active construction. Around two years before launching the GHKDC Partnership, the company set up the Goodman Japan Data Centre Venture, which had grown to amass assets worth $1.1 billion by 2025.
