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Investors - OCTOBER 19, 2021

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Equinix and PGIM Real Estate form $575m JV

by Released

Equinix and PGIM Real Estate has established a $575 million joint venture in the form of a limited liability partnership to develop and operate two xScale data centers in Sydney.

"Australia is set to build out its next wave of capacity, with the hyperscale market expected to grow about double the rate of the retail segment by 2026,” said Jabez Tan, head of research, structure research. There have been unprecedented levels of cloud adoption in the country. Equinix's expansion into Australia's hyperscale market is a timely move to address the aggressive demand among hyperscalers in Australia and will further accelerate digital transformation in the country."

The facilities in the joint venture, which will be known as SY9x and SY10x, are expected to provide more than 55 megawatts of power capacity to serve the unique core workload deployment needs of a targeted group of hyperscale companies, including the world's largest cloud service providers. The first xScale data c

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