Macquarie Korea Infrastructure Fund (MKIF) has inked a deal worth $538.4 million with IGIS Asset Management Co. for the acquisition of a 40-megawatt data center near Seoul.
Located in Hanam, South Korea, about 10 kilometers (6.2 miles) east of Seoul, the data center spans 451,212 square feet across 12 stories, according to Data Center Dynamics. IGIS broke ground on the facility in October 2021.
The building is 92 percent leased to Kakao Corp., with LG Group's LG CNS Co. renting the remaining 8 percent.
MKIF, the leading infrastructure fund in South Korea, was established in December 2002 with a mandate to invest in project companies that construct, operate and manage infrastructure projects in South Korea as defined under the Act on Public Private Partnerships in Infrastructure, including toll roads, bridges, tunnels and ports. MKIF invests in project companies through equity and debt.
The fund is expected to pay about $672 million for the data c