Equinix, PGIM Real Estate enter US$600 million joint venture
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Wednesday, 17 April 2024 20:09
Equinix, PGIM Real Estate enter US$600 million joint venture
Digital infrastructure company Equinix and real estate investment and financing arm of PGIM, PGIM Real Estate, have announced a US$600 million joint venture to develop and operate the first xScale data centre in the US in Silicon Valley, California.
SV12x, a two-story facility, will be built in two phases and is expected to provide more than 28 megawatts (MW) of power capacity once completed.
It will be located at Equinix's Great Oaks data centre campus in San Jose, California alongside four existing Equinix International Business Exchange (IBX) data centres.
The first phase of the facility is scheduled to be completed in Q2 2024.
Combined with Equinix's existing hyperscale joint ventures in Europe, Asia Pacific, and in the Americas, this new joint venture will bring the global xScale data centre portfolio to more than US$8 billion across more than 35 facilities, and an expected greater than 725 megawatts of power capacity when completed and fully constructed.
The agreement will see PGIM Real Estate control 80% equity interest while Equinix own the remaining 20% equity interest.
Under the terms of the agreement, PGIM Real Estate will control an 80% equity interest in the joint venture, and Equinix will own the remaining 20% equity interest.
This first appeared in the subscription newsletter CommsWire on 16 April 2024.
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