Goodman Group (ASX: GMG) has announced a landmark Goodman Group data centre joint venture with Canada Pension Plan Investment Board on 23 December 2025. The CPP Investments data centre partnership establishes a A$14 billion (€8 billion) European platform targeting Frankfurt, Amsterdam and Paris markets.
This Australian data centre investment represents CPP Investments’ first data centre partnership in Europe. Both parties commit A$3.9 billion (€2.2 billion) initially under equal ownership arrangements for project development.
Details of the Goodman Group Data Centre Joint Venture
GEDCDP includes four developments delivering a combined primary power of 435 MW and IT capacity of 282 MW. Paris hosts two facilities designated PAR01 and PAR02, whilst Frankfurt secures FRA02, and Amsterdam holds AMS01.
Each site offers rapid deployment through confirmed power supply, approved permits and advanced infrastructure preparation. Construction commencements are enabled by 30 June 2026. The CPP Investments data centre partnership significantly adds to CPP Investments’ data centre portfolio.
Leadership Commentary on the Australian Data Centre Investment
Max Biagosch, Senior Managing Director and Global Head of Real Assets for CPP Investments, expressed pleasure in expanding their longstanding partnership with Goodman Group. The collaboration establishes a strong European foothold in the data centre sector across key Tier 1 markets.
Figure 2: Max Biagosch, Senior Managing Director and Global Head of Real Assets for CPP Investments
This Australian data centre investment aligns with CPP Investments’ global data centre strategy. By combining Goodman’s extensive development capabilities and powered landbank with CPP Investments’ global expertise in digital infrastructure investments, the partnership capitalises on a compelling growth opportunity.
Market Positioning and Portfolio Quality
Greg Goodman, Group CEO of Goodman Group, highlighted that a portfolio of this size and quality is rare. Sites with power allocations attract strong demand driven by expanding cloud computing and artificial intelligence needs. Speed to market and delivery certainty make these projects particularly valuable.
Figure 3: Greg Goodman, Group CEO
The quality and scale of this Goodman Group data centre joint venture make it ideal for a long-term relationship with CPP Investments. Goodman expressed pleasure in investing alongside CPP Investments for their entry into the European data centre market.
Long-Term Partnership Benefits
The partnership allows both parties to capitalise on growth opportunities for the long-term benefit of CPP contributors and beneficiaries. CPP Investments serves more than 22 million contributors and beneficiaries. The Fund totalled C$777.5 billion at 30 September 2025.
The organisation deploys capital globally across equities, property, infrastructure, bonds and alternative asset classes. These investments are often made in partnership with funds. The organisation operates offices in Toronto, Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney.
Expanding Partnership Between Goodman and CPP Investments
The two organisations began collaborating in 2009 with projects spanning Australia, Asia, the Americas and Europe. The Australian data centre investment represents an extension of this longstanding relationship into digital infrastructure.
This partnership builds on the earlier Goodman Hong Kong Data Centre Partnership. The parties have also established other data centre partnerships in Europe and Japan. This CPP Investments data centre partnership demonstrates continued collaboration in the data centre sector.
Transaction Settlement Process
Completion occurs progressively with final settlement anticipated by March 2026. Settlement remains subject to closing conditions being satisfied. The phased approach allows orderly implementation across the four project sites.
The Goodman Group data centre joint venture settlement timeline enables efficient capital deployment. Both parties maintain governance and management structures to oversee the partnership operations.
Investment Management Mandate
Canada Pension Plan Investment Board operates as an institutional asset manager. CPP Investments manages the Canada Pension Plan Fund in the best interest of contributors and beneficiaries. The organisation builds diversified portfolios of assets through global investments.
CPP Investments is headquartered in Toronto with offices across multiple continents. The organisation is governed and managed independently of the Canada Pension Plan. The organisation functions independently from government control.
Goodman Share Price Performance
Goodman Group shares closed at AUD 31.560 on 23 December 2025. Market capitalisation stands at AUD 59.74 billion. The stock trades within a 52-week range of AUD 25.010 to AUD 39.150 per share.
Figure 4: Share Price Performance for the last 6-months
The CPP Investments data centre partnership announcement reinforces Goodman’s position as Australia’s largest ASX-listed property group. The Goodman Group data centre joint venture extends the Company’s digital infrastructure platform across key European markets.
FAQs
Q1. What is the total value of the Goodman Group data centre joint venture with CPP Investments?
Ans. The Goodman Group data centre joint venture with CPP Investments totals A$14 billion (€8 billion). Initial capital commitment reaches A$3.9 billion (€2.2 billion) for developing four data centre projects.
Q2. Which European cities does the CPP Investments data centre partnership target?
Ans. The CPP Investments data centre partnership targets Paris, Frankfurt and Amsterdam. Paris hosts two projects (PAR01 and PAR02), whilst Frankfurt has FRA02 and Amsterdam has AMS01.
Q3. What is the total capacity of the Australian data centre investment portfolio?
Ans. The Australian data centre investment comprises 435 MW of primary power capacity. IT load totals 282 MW across the four projects in the portfolio.
Q4. When will construction begin on the Goodman Group data centre joint venture projects?
Ans. Construction commencements are enabled by 30 June 2026. All projects have secured power connections, planning permits and substantially progressed site infrastructure works.
