Goodman Group has secured $455 million in fresh equity funding. The money will support its HKG10 data center project in Tsuen Wan, Hong Kong. Most funds will cover mechanical and electrical fit-out work.
The project will convert an existing warehouse into a high-tier digital infrastructure site. This approach gives Goodman a faster route into a tight market. It also avoids starting construction from an empty plot.
The first phase should enter service in early 2028. Demand remains strong across Asia for cloud, AI, and enterprise workloads. Operators also need resilient hubs near dense business districts.
“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.
This strategy fits a city with scarce land and high property costs. Reusing buildings can reduce waste and speed development. Yet warehouse conversions also bring engineering challenges. Power density, cooling, and floor loading need careful upgrades.
The funding flows into the Goodman Hong Kong Data Centre Partnership. This private investment platform focuses only on the city’s data center market. It launched in April last year and now holds a $2.7 billion valuation.
Its backers include major institutional and sovereign wealth investors. They include PGGM, APG, CPP Investments, and CBRE Investment Management. A Middle Eastern investor also participates in the platform.
“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.
Goodman’s Hong Kong platform already has a large market footprint. Its portfolio includes four fully stabilized data centers. Two more facilities, including HKG10, remain under active development.
Once complete, the six assets will offer major operational scale. They will provide over 2.3 million square feet of lettable area. They will also support 325 MVA of primary utility power.
That equals more than 180MW of IT load. Goodman says its portfolio represents about 30% of Hong Kong’s data center market. The figure uses power capacity as the measurement.
Across Asia, Goodman now controls over 500MW of stabilized data center capacity. These assets sit in supply-limited markets, including Hong Kong and Japan. Another 150MW remains under construction.
For telecom and cloud players, the move signals continued infrastructure demand. Data centers now sit beside fiber, subsea cables, and metro networks. Together, they form the backbone of modern digital services.
