Azrieli Group has entered into the data centers industry in North America, acquiring a 20 percent stake in Compass Holdco for $135 million.
The firm has an option to increase its holdings to 33 percent by December 2020.
Compass is an active platform with operations in North America, having significant future enterprise and development potential. Compass has 10 active sites and three sites under construction and development. Its facilities currently produce close to 30 megawatts and may produce approximately 560 megawatts per year after completion of the development projects and land pipeline in another few years.
The global outsourced data centers market is estimated at revenues of around $91 billion a year and is expected to grow at an annual pace of 35 percent by 2022 to reach $307 billion, according to a Data Economy article sourcing research by Azrieli.