Australia-based Goodman Group has launched the Goodman Hong Kong Data Center Partnership (GHKDC). A $2.7 billion investment vehicle focused solely on Hong Kong’s data center market. This private institutional platform starts with six assets, four stabilized and two in development, totaling 2.3 million sq ft and 325 MVA of utility power. That equates to over 180 MW of IT load, representing about 30% of Hong Kong’s data center capacity. Goodman holds a 20% stake, joined by partners including PGGM, APG, CPP Investments, CBRE IM Indirect, and a Middle Eastern sovereign fund. GHKDC expands Goodman’s footprint following its Japan Data Center Venture.
Strategic Significance
Goodman’s entry into the Hong Kong data center market through GHKDC is a calculated response to skyrocketing demand for cloud and AI services, which require low-latency, high-performance infrastructure near urban centers. Hong Kong’s density, connectivity, and business-centric nature make it an ideal hub. The six data centers in GHKDC’s portfolio are strategically located, with pre-secured 325 MVA power, a rare asset in metro areas where energy infrastructure is strained. This ready access to power enables immediate capacity delivery to hyperscalers and cloud providers.
The firm’s 20% cornerstone stake reflects its long-term confidence in Asia’s digital infrastructure market. Institutional investors like CPP Investments and APG view data centers as a stable, high-growth real estate asset class. Goodman’s model combines in-house development, strategic land banking, and financial partnerships, offering scale without compromising control. Paul McGarry, Goodman’s Head of Asia, emphasized that the platform’s strength lies in its “prime land, secured power, and deep execution capability.” With a 1 GW development pipeline across Hong Kong and Tokyo, Goodman is well-positioned to support Asia’s AI and cloud-led digital transformation, providing reliable infrastructure where it’s needed most.
Market Context & Outlook
GHKDC enters the market as data center demand outpaces supply in Asia’s top metros. Hong Kong faces mounting pressure from cloud adoption, 5G rollout, and the exponential rise in AI model training. Despite these tailwinds, land scarcity and strict zoning have kept the new data center supply tight. Giving firms like Goodman an edge due to pre-secured locations and energy access.
Goodman’s share of 30% of Hong Kong’s data center power capacity gives it strategic weight. The market favors high-density, scalable sites. That supports the 180 MW+ IT load requirement for enterprise AI, cloud storage, and real-time analytics. Global hyperscalers and tech firms, major tenants of Goodman, are seeking low-latency connectivity and sustainable operations, which these urban data hubs can offer.
Goodman’s track record with its Japan Data Center Venture, which will reach $1.1 billion in assets by year-end, shows its regional ambition. The company is quietly building a pan-Asian data center network that integrates location, power, scale, and sustainable design. With over 1 GW of development-ready power, Goodman is not just responding to demand. It’s shaping how infrastructure will scale across Asia-Pacific’s digital economy. As cloud and AI evolve, Goodman is positioning itself as a core enabler of that future.
Final Outlook
With GHKDC, Goodman is solidifying its role as a key player in Asia’s digital infrastructure surge. Backed by top global investors, it’s delivering power-secured, urban-scale data centers exactly where demand is highest. As AI and cloud ecosystems grow rapidly, Goodman’s integrated platform offers a rare combination of location, capital, and execution capability. It’s a $2.7 billion Hong Kong investment, alongside expansion in Japan, signaling a long-term bet: data is the new real estate, and Goodman plans to own the ground floor. With 1GW in pipeline power, it’s not just playing catch-up; it’s building the blueprint.
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