Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, and PGIM Real Estate, the real estate investment and financing arm of PGIM, Prudential Financial's global asset management business, today announced the entry into a $600 million joint venture to develop and operate the first xScale data center in the U.S., located in the Silicon Valley region of California.
The two-story facility, which will be known as SV12x, will be built out in two phases and is expected to provide more than 28 megawatts (MW) of power capacity at full build out. SV12x is located at Equinix's Great Oaks data center campus in San Jose, California alongside four existing Equinix International Business ExchangeTM (IBX®) data centers. The first phase of the facility is scheduled to be completed in Q2 2024.
Highlights/Key Facts:
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 facilities located across internet gateway markets in the U.S., Europe, and Asia-Pacific.