GMG +8.25%: The ASX’s premier property player has taken another step in building out its global digital infrastructure pipeline, announcing a 50/50 European data centre partnership with Canada Pension Plan Investment Board (CPP Investments). The partnership will target a ~$14bn development pipeline across key European markets, with an initial $3.9bn capital commitment to projects in Frankfurt, Amsterdam and Paris — three of the most supply-constrained data centre markets globally.
The portfolio comprises four projects totaling 435MW of primary power and 282MW of IT load, all with secured power, planning approvals and advanced site works in place, allowing construction to commence by June 2026. While the two groups have partnered since 2009 across multiple regions, this is CPP Investments’ first European data centre partnership, reinforcing the quality and institutional appeal of Goodman’s platform.
The European partnership fits the established GMG playbook perfectly: scale, repeatability and high-quality institutional partners. Against a backdrop where GMG still trades below its longer-term valuation averages, we see this as yet another step in embedding data centres as a durable growth engine.
MM is long and bullish GMG
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