Goodman Raises $455 Million to Advance Hong Kong Data Center Construction
The Australian Goodman Group has secured $455 million in equity financing, primarily to cover the mechanical and electrical renovation costs of its HKG10 facility in Tsuen Wan, Hong Kong.
The project involves transforming Goodman’s existing warehouse into a modern high-level facility located in a mature data center availability zone in Hong Kong. The initial capacity is expected to commence operations in early 2028.
Goodman Asia Head Paul McGarry stated in a Wednesday press release: “By revitalizing existing buildings, we are reducing the environmental impact of projects and responsibly utilizing Hong Kong’s limited land resources. Preserving the existing structures avoids emissions associated with demolition and reduces demand for carbon-intensive construction materials like concrete and steel, while enhancing critical infrastructure that supports Hong Kong’s position as a leading technology hub in Asia.”
Private equity investment platform
The equity belongs to Goodman Hong Kong Data Center Partnership Platform, a private investment platform specializing in the Hong Kong data center market. Valued at $2.7 billion, the platform was established last April and consists of institutional and sovereign wealth partners, including PGGM, APG, the Canada Pension Plan Investment Board, CBRE Investment Management’s indirect private real estate strategy, and a Middle Eastern investor.
According to McGarry, the latest $455 million in equity came from both existing and new institutional investors. He added, “The continued support from existing investors and the contributions of new investors reflect confidence in the portfolio’s quality, the depth of customer demand, and the superior data center capacity opportunities in Hong Kong. This enables the platform to continue delivering the scale, reliability, and quality required by customers.”
The platform portfolio comprises four fully operational data centers and two actively under development data centers. Upon completion, the six assets will provide a total of over 2.3 million square feet of gross leasable area and 325 MVA of prime power—equivalent to more than 180MW of IT load. By power capacity, Goodman’s portfolio accounts for approximately 30% of the Hong Kong data center market.
Goodman’s Asia data center platform consists of over 500MW of stable data centers in supply-constrained markets such as Hong Kong and Japan, with an additional 150MW under active construction. Approximately two years after launching the Hong Kong platform, the company established a Goodman Japan data center joint venture, which has grown to an asset value of $1.1 billion by 2025.