Australia's Goodman, CPP to invest in $9.3b European data centers

Canada Pension Plan Investment Board (CPP Investments) and Goodman Group have agreed to launch a AU$14 billion (US$9.33 billion) data center partnership in Europe.

The 50/50 joint venture will initially commit AU$3.9 billion (US$2.6 billion) to data center projects in Frankfurt, Amsterdam, and Paris.

CPP Investments is a Canadian pension fund manager, while Goodman Group is an Australian property developer focused on logistics and data centers.

The partnership’s portfolio includes four projects totaling 435 MW of primary power and 282 MW of IT load, with construction planned to begin by June 30, 2026.

This marks CPP Investments’ first data center partnership in Europe.

The transaction is expected to complete by March 2026, pending closing conditions.

CPP Investments and Goodman Group have previously partnered on data center projects in Hong Kong, Europe, and Japan.

🔗 Source: Goodman

🧠 Food for thought

Implications, context, and why it matters.

Land control (ownership or long-term lease rights) and grid security (assured deliverable grid capacity beyond a basic connection) remain unconfirmed for the 435 MW European portfolio

All four sites have grid connections and permits, with works enabling start by 30 June 2026 1. EU rules require public reporting of energy and water use 2.
Germany’s Energy Efficiency Act sets 10 to 20% heat reuse and 50% renewable power by 2024, rising to 100% by 2027 2. France requires impact studies above 50 MW 3. Compliance status is undisclosed.
Amsterdam banned new data centres in December 2023 with no projects before 2035 4. Dublin limits new connections due to limited grid capacity 2. Whether AMS01, the portfolio’s Amsterdam code, predates the ban or holds an exemption remains unclear.

Heat recovery and grid flexibility vendors can target Paris and Amsterdam under new rules

Germany’s reuse mandate creates demand for district heat links (pipes and controls to city networks) and large heat pumps 2. Vendors can focus on FRA02, the portfolio’s Frankfurt code, with a start by 30 June 2026.
Réseau de Transport d’Électricité (RTE, the national high-voltage grid operator) introduced shared connections and capacity adjustments 3. Flex providers and BESS can help with 10 year reviews.
Amsterdam’s limits imply any AMS01 build would need efficient thermal management plus smart energy controls 2. Liquid cooling or AI energy tools can support compliance.
The partnership has 282 MW of IT load across four sites 5. IT load means electricity used by servers and networking gear. That heat could warm thousands of homes, as in Google’s Norway project targeting 99 percent carbon-free power with heat reuse 4, if the economics work.