CPP Investments and Goodman Launch US$9.35bn Data Centre JV

Canada Pension Plan Investment Board (CPP Investments) has entered a A$14bn (US$9.35bn) partnership with Goodman Group to develop and operate a portfolio of large-scale data centres across Europe, marking CPP Investments’ first dedicated data centre partnership in the region.

The 50/50 venture, known as the Goodman European Data Centre Development Partnership, brings an initial total capital commitment of A$3.9bn (US$2.6bn). The portfolio comprises four projects across Europe’s key FLAP markets – Frankfurt, London, Amsterdam and Paris – with developments planned in Frankfurt, Amsterdam and Paris.

The partnership reflects rising demand for data centre capacity driven by cloud computing, enterprise digitalisation and AI workloads, alongside growing constraints around power availability and delivery timelines in Europe’s most established markets.

A portfolio built for speed to market

The initial portfolio includes four projects delivering a combined 435MW of primary power and 282MW of IT load. These comprise PAR01 and PAR02 in Paris, FRA02 in Frankfurt and AMS01 in Amsterdam. 

All sites have secured power connections, planning permits and substantially-progressed infrastructure works, enabling construction to commence by 30 June 2026.

By prioritising powered land and advanced site readiness, the partnership aims to reduce development risk and accelerate delivery in markets where timelines have become a critical differentiator for hyperscale and enterprise customers.

The projects are positioned within established data centre ecosystems, offering access to dense network connectivity and proximity to major cloud regions, financial hubs and enterprise customers.

CPP Investments expands European footprint

For CPP Investments, the partnership represents a significant expansion of its global data centre portfolio and a strategic entry into the European market. 

The organisation has previously invested in data centres across Asia, the Americas and Europe through other structures, but this marks its first dedicated European data centre partnership.

Max Biagosch, Senior Managing Director and Global Head of Real Assets for CPP Investments, says: “We are pleased to expand our longstanding partnership with Goodman Group and establish a strong European foothold in the data centre sector across key Tier 1 markets, aligned with our global data centre strategy. 

“By combining Goodman’s extensive development capabilities and powered landbank, with our global expertise in digital infrastructure investments, this partnership allows us to capitalise on a compelling growth opportunity for the long-term benefit of CPP contributors and beneficiaries.”

Max emphasises the importance of scale and delivery certainty in a market where power and land constraints continue to shape investment decisions.

Goodman leverages powered land and development scale

Goodman Group brings its experience as a global industrial and data centre developer, with an established landbank and development pipeline across multiple regions. 

The company has increasingly focused on powered sites that can support high-density data centre deployments and support rapid build schedules.

Greg Goodman, Group CEO of Goodman Group, adds: “A portfolio of this size and quality – located in Europe’s FLAP markets – is rare. These powered locations are highly sought after to meet the rapidly growing requirement for cloud computing and AI adoption, particularly when they offer speed to market and delivery certainty. 

“The quality and scale of this Partnership make it ideal for our long-term relationship with CPP Investments. We’re pleased to be investing alongside them for their entry into the European data centre market.”

The projects are expected to support a range of use cases, from hyperscale cloud deployments to AI training and inference workloads that require significant power density and resilient infrastructure.

Building on a long-standing relationship

CPP Investments and Goodman Group have partnered since 2009 across Australia, Asia, the Americas and Europe. The European data centre venture follows the Goodman Hong Kong Data Centre Partnership and other collaborations in Europe and Japan, extending a relationship that spans logistics, industrial and digital infrastructure assets.

The transaction will settle in phases and is expected to complete by March 2026, subject to customary closing conditions. 

Once complete, the partnership will oversee development and delivery of the initial portfolio, with scope for further expansion as market demand and power availability allow.