Mar 21, 2022 | Posted by Abdul-Rahman Oladimeji
Pacific Asset Management and Canada Pension Plan Investment Board have formed a joint venture for the sole purpose of developing a hyperscale data center in Seoul, South Korea. The two companies announced that they would be investing KRW 200 billion (US$164.4 million) to develop the largest carrier-neutral hyperscale facility in South Korea. The facility will be named the Jukjeon Data Centre, and it will be located not far from the Pangyo Techno Valley. It will also span 1 million square feet (99,070 square meters) of space. In addition, it will have four below-ground floors and four above-ground floors to provide commercial space for internet service, cloud service, and information technology companies.
The facility is scheduled to be completed in June 2024. It will also be operated by LG CNS. The Managing Director at CPP Investments, Giles Chow, said there’s an exponential increase in the demand for data centers in the APAC Region due to Covid. He noted that the joint venture would enable both companies to synergize and provide world-class data center services for customers in the region.
