Equinix, PGIM Real Estate enter into $600m JV for first U.S. xScale Data Center

Equinix, Inc. and PGIM Real Estate, the real estate investment and financing arm of PGIM, Prudential Financial's global asset management business, have entered into a $600 million joint venture to develop and operate the first xScale data center in the United States, located in the Silicon Valley.

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 build-out. SV12x is located at Equinix's Great Oaks data center campus in San Jose, alongside four existing Equinix International Business Exchange (IBX) data centers. The first phase of the facility is scheduled to be completed in second quarter 2024.

Under the terms of the agreement, PGIM Real Estate will control an 80 percent equity interest in the joint venture, and Equinix will own the remaining 20 percent equity interest

This agreement represents the second joint venture between Equinix and PGIM Real