Equinix, PGIM Real Estate Enter $600M Joint Venture to Develop Data Center

Dow Jones04-15

By Denny Jacob

Equinix and PGIM Real Estate entered into a $600 million joint venture to develop and operate an xScale data center in Silicon Valley, California.

The digital infrastructure company said Monday that the agreement represented the second joint venture between itself and the real estate and financing arm of PGIM, Prudential Financial's asset management business.

PGIM Real Estate will control an 80% equity interest in the joint venture, while Equinix will own the remaining interest.

The first phase of the facility is scheduled to be completed in the second quarter.

An xScale data center refers to the company's hyperscale data centers which are capable of holding thousands of computing and storage systems, offering "massive networking capacity and increased connectivity speeds."

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 15, 2024 08:24 ET (12:24 GMT)

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