Equinix and PGIM Real Estate Form JV for Developing and Operating 2 Data Centers in Sydney
Posted on 10/20/2021
Equinix, Inc. (Nasdaq: EQIX) and PGIM Real Estate, the real estate investment and financing arm of Prudential Financial’s global asset management business, formed a US$ 575 million joint venture in the form of a limited liability partnership to develop and operate two xScale data centers in Sydney, Australia. 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. The joint venture is expected to close in Q4 2021, pending regulatory approval and other closing conditions. The facilities in the joint venture, which will be known as SY9x and SY10x, are expected to provide more than 55 megawatts (MW) of power capacity to serve the unique core workload deployment needs of a targeted group of hyperscale companies, including the world’s largest cloud service providers. The first xScale data center in Sydney – SY9x is expected to open in Q1 2022.
To date, six xScale data centers have been opened in Asia-Pacific, EMEA and LATAM, including TY12x in Tokyo, PA8x and PA9x in Paris, LD11x and LD13x in London, and SP5x in São Paulo, with more currently under development.
Keywords: Prudential Financial, Inc.