GIC forms $800m North American data center JV
Mount Elbert Capital Partners, GIC and OPTrust have formed EdgeCore Internet Real Estate an investment vehicle with fully integrated operational capabilities formed to develop, acquire, and operate data centers across North America. The company will initially be capitalized with more than $800 million of equity targeted to support approximately $2 billion in data center development and investment.
EdgeCore Internet Real Estate’s initial roll out of its North American data center platform will include campus developments across six markets. The company has acquired land in Mesa, Arizona, and prior to the end of this quarter the company plans to close upon existing agreements to acquire land in Dallas and Reno.
EdgeCore Internet Real Estate plans to commence construction on each campus immediately upon acquisition. With each campus designed to deliver between 100 megawatts and 200 megawatts of critical power to customers, the Company plans to complete the first building in these markets in late 2018. Additionally, in the second quarter of this year the Company intends to pursue acquiring land in three complementary Tier I markets, with a view toward commencing construction on each campus within the year.
GIC will be the lead anchor investor in EdgeCore Internet Real Estate.