Goodman Group (GMG.AU) saw its stock price surge by 6.64% during intraday trading on Tuesday, following the announcement of a major partnership with Canada Pension Plan Investment Board (CPPIB).
The A$14 billion ($9.32 billion) European data centre partnership will focus on developing projects in Frankfurt, Amsterdam, and Paris. The 50-50 venture involves an initial capital commitment of A$3.9 billion and marks CPPIB's first data centre partnership in Europe. The portfolio includes four projects with 435 MW of primary power and 282 MW of IT load, all with secured power connections and planning permits.
The partnership is expected to significantly boost Goodman Group's presence in the European data centre market, with construction set to commence by June 2026 and the deal closing by March 2026. Investors reacted positively to the news, driving the stock higher.