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Equinix and PGIM Real Estate Announce $600 Million Joint Venture to Develop Data Center in USA

Last Updated on 17th April 2024

Equinix and PGIM Real Estate Prudential have announced a USD 600 million joint venture to develop and operate a data center facility in the USA. The two-story facility, SV12x, will be located at Equinix's Great Oaks data center campus in San Jose, California. The facility will be developed in two phases and is anticipated to have an IT load capacity of 28 MW.


Equinix and PGIM Real Estate Announce $600 Million Joint Venture to Develop Data Center in USA


This agreement represents the second joint venture between Equinix and PGIM Real Estate. Combined with Equinix's existing hyperscale joint ventures in Europe, Asia-Pacific, and elsewhere in the Americas, this new joint venture will bring the global xScale data center portfolio to more than USD 8 billion across more than 35 facilities and an expected greater than 725 megawatts of power capacity when completed and fully constructed.


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Equinix xScale data centers enable hyperscale companies to add core deployments to their existing access point footprints at Equinix IBX data centers, enabling their growth on a single platform that can immediately span more than 70 global metros and offer direct interconnection to an ecosystem of more than 10,000 customers.


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. PGIM Real Estate has been investing in the data center sector since 2013.


This latest joint venture agreement with Equinix marks the first investment made through PGIM Real Estate's dedicated global data center strategy, managed on behalf of third-party clients, to invest exclusively in hyperscale data center facilities in the USA, Europe, and Asia-Pacific.


Read: Blackstone to Purchase Britishvolt Site to Build One of the Largest Data Centers in Europe


About Equinix

Equinix Inc., an American multinational company, is a global leader in internet connection and data centers. The company, headquartered in Redwood City, California, specializes in developing a network and cloud-neutral data center platform for cloud and information technology, enterprises, network, and mobile service providers, as well as financial companies.


Founded in 1998 by Al Avery and Jay Adelson, two facilities managers at Digital Equipment Corporation, Equinix promoted its data center platform as a neutral place where competing networks could connect and share data traffic. The firm capitalized on the "network effect," through which each new customer would broaden the appeal of its platform.


The company has operated as a real estate investment trust (REIT) since January 2015. As of December 2023, it had approximately 13,000 employees globally. Equinix is a leader in global colocation data center market share, with 260 data centers in 33 countries on five continents.


Read:  Blackstone Plans to Build Data Centers Worth $25 Billion Across the Globe


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