Singapore: GIC seeks to raise capital for South Korean data center initiative

Jul 24, 2023 | Posted by Abdul-Rahman Oladimeji

The sovereign wealth fund GIC of Singapore is soliciting funds for a data center outside Seoul, South Korea. According to Business Korea, institutional investors, such as GIC, are working with indigenous institutional investors, securities companies, and asset management firms to build a data center in Goyang City, Gyeonggi District. 

The project's total cost is roughly $704.23 million, with the Police Mutual Aid Association contributing $23.4 million in project financing loans last month. The project is expected to be completed in approximately three years, with 2026 as the target year. No additional information about the project was revealed. BK suggests this initiative is distinct from its hyperscale joint venture with Equinix in South Korea.

In January 2022, GIC and Equinix signed a $525 million joint venture agreement to develop and operate two xScale data centers in Seoul. SL2x and SL3x, the two facilities comprising this joint venture, are anticipated to provide more than 45MW capacity. The inauguration of the 12MW Seoul 2x-1 is scheduled for Q4 2023.

GIC is a prominent investor in real estate. It has made several investments in APAC with other operators in addition to its joint ventures with Equinix for the latter's hyperscale xScale developments.