Goodman’s HKG10 is set to add 50 megawatts to the Hong Kong market in early 2028 (Image: Goodman)
Goodman Group has raised $455 million in equity for its Hong Kong Data Centre Partnership, with most proceeds earmarked to fit out a 50-megawatt facility in Tsuen Wan.
Existing and new institutional investors backed the fundraising for the $2.7 billion vehicle, the Sydney-based industrial developer said Tuesday in a release. The money will primarily fund mechanical and electrical works at HKG10, which Goodman will operate.
The facility’s first capacity is expected to enter service in early 2028. On completion, HKG10 will lift the partnership’s completed portfolio by 22 percent to 275MW.
Paul McGarry, Goodman’s head of Asia, called the raise “a clear endorsement of the strategy we set out” when the partnership was established just over a year ago, citing investor confidence in the portfolio and customer demand.
Pension Capital
The venture launched in July 2025 with Goodman 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 unnamed Middle Eastern investor.
Goodman Group Asia head Paul McGarry (Image: Goodman Group)
GHKDC’s seed portfolio comprised six assets spanning 2.3 million square feet (213,677 square metres) and 325MW of total planned capacity. Four stabilised data centres at Goodman’s Tsuen Wan West campus accounted for 225MW, with two 50MW projects making up the balance.
HKG10, at 128 Texaco Road in the Tsuen Wan and Kwai Chung data centre cluster, is designed to provide 32MW of IT capacity backed by 50MW of secured primary power, according to Goodman’s project specifications.
Earlier plans for the Texaco Centre conversion targeted completion in mid-2026. Goodman’s latest announcement gives an early-2028 date for the first capacity to enter service.
“By revitalising an existing building, we are reducing the project’s environmental impact,” McGarry said. Retaining the warehouse structure will avoid demolition emissions and reduce consumption of new concrete and steel, according to Goodman.
The group also broke ground in July on HKG09, a 50MW conversion of an ageing industrial property in Kwai Chung. Pre-leased to an unnamed Singapore-based data centre operator, the project is scheduled for completion in 2029.
Regional Buildout
The Hong Kong raise comes as data centres account for 78 percent of Goodman’s development work in progress. Those projects totalled A$15.4 billion at 30 June, out of A$19.7 billion overall, according to the group’s 2026 annual report.
In Japan, Goodman last month signed a global hyperscale customer to a 20-year lease for the 50MW first phase of its 1-gigawatt Tsukuba Tech Central campus in Greater Tokyo. The group will develop, own, fit out and operate the facility, with service due to begin in early 2028.
In Australia, the developer this month won approval for a A$1.4 billion, 135MW data centre at Macquarie Park in northern Sydney. Dubbed Project Apollo, the eight-hall facility adds to an Australian pipeline of roughly 1GW of planned capacity.
Goodman’s global power bank stood at 6.4GW in June, comprising 3.6GW of secured power and 2.8GW in advanced procurement. About 0.5GW of data centre capacity was under construction across 10 projects, with the group increasingly delivering fully fitted facilities.
Goodman reported operating profit of A$2.7 billion for the year to the end of June, up 15.7 percent. Development earnings rose 34 percent to A$1.8 billion, while the group raised A$3.2 billion in third-party equity during the year to support its investment partnerships.
