Goodman Group has set up a AU$4.1 billion (US$2.7bn) data center investment vehicle for the Hong Kong data center market.

The property investor has established the Goodman Hong Kong Data Centre Partnership (GHKDC), which will manage a portfolio of six data centers on the island.

GHKDC will be anchored by Goodman, which holds a 20 percent cornerstone stake, with the rest of the cash coming from institutional and sovereign wealth partners, including PGGM, APG, Canada Pension Plan Investment Board, CBRE Investment Management’s Indirect Private Real Estate Strategies, and a Middle Eastern investor.

Its portfolio will comprise six assets providing 180MW of IT capacity, and including two data centers currently under construction.

Paul McGarry, Goodman's head of Asia, said: “Demand for data centers in Hong Kong and Tokyo continues to grow with limited supply alternatives. The strength of the Goodman platform is enabled by our land in prime locations, secured power, an experienced team, and access to capital.

“Combined, these factors position us well to continue delivering to the scale and quality that meets the needs of our customers. With a future development power bank of over 1GW across these major cities, we are confident in our ability to deliver the modern, high-performance infrastructure essential to Asia’s digital economy.”

Goodman’s data centers in Hong Kong include its Goodman Tsuen Wan West data center campus. It completed a third building at the campus last year, which now provides 50MW of capacity for DayOne, the company formerly known as GDS International.

The investment partnership mimics a similar arrangement Goodman has for its Japanese assets. The Australian company, which operates data centers around the world, said in February it was aiming to raise AU$4 billion (US$2.5bn) through a share issue, that will partly be used to fuel its data center build-out.