Equinix, Inc. and PGIM Real Estate formed a $600-million joint venture to develop and operate the first xScale data center in the U.S., located at Equinix’s Great Oaks data center campus in San Jose alongside four existing Equinix International Business Exchange data centers. The two companies previously JVed on a hyperscale data center project in Australia.

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 of power capacity at full buildout. The first phase of the facility is scheduled to be completed in the second quarter of 2024.

Under the terms of the agreement, PGIM Real Estate will control an 80% equity interest in the JV and Equinix will own the remaining 20% equity interest. PGIM Real Estate has been investing in the data center sector since 2013. This latest JV agreement with Equinix marks the first investment made through its dedicated global data center strategy.

On May 1, join industry leading experts when they explore the most important topics in today’s CRE markets. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. The 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. 

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