GLP seeks $500m to expand data center offering in China

Singapore-based GLP is seeking to raise $500 million from investors to help expand its data centers platform in China, according to Bloomberg.

The investment manager is planning to sell a minority stake in the platform in exchange for the $500 million, said people with knowledge of the matter.

A deal could give the China data centers a valuation of about $4 billion to $5 billion.

In November 2021, GLP completed the first phase of development of a 150,000-square-meter (1.6 million-square-foot) data center campus located in Changshu High-tech Industrial Development Zone, one of China’s top development zones, in Jiangsu Province.

At full buildout, the facility is targeted to provide more than 120 megawatts of IT capacity, providing facilities and added value services to over 300,000 servers.