Equinix: Equinix and PGIM Real Estate form a $575 Million Joint Venture to Develop Hyperscale Data Centers in Australia

Oct 19, 2021 | Posted by Abdul-Rahman Oladimeji

Equinix and PGIM Real Estate have formed a new $575 million joint venture with an aim to develop hyperscale data centers in Sydney, Australia. PGIM is the real estate investment and financing division of Prudential Financial. The facilities the companies will be developing under this JV are SY9x and SY10x, and they will be under Equinix’s xScale platform. These facilities will also provide a combined capacity of 55MW. In addition, SY9x is scheduled to be in operation in Q1 of 2022.

Equinix first formed a partnership with GIC sovereign wealth fund in 2019 to develop hyperscale data centers under the xScale label. Both companies currently have ten facilities in operation or development, with an aim to open 32 under the platform in the next few years. The joint venture with PGIM will bring the portfolio of xScale to over $7.5 billion across 34 facilities. It will also make xScale have a total capacity of 675MW when fully developed.