Chinese carrier- and cloud-neutral Internet data-center-services provider VNET Group has signed a master joint venture investment agreement with an unnamed sovereign wealth fund.
The JV will pursue development and investment opportunities in multiple build-to-suit hyperscale data-center projects in China
VNET said it will establish individual project companies to undertake the development of each data center. VNET then will transfer 49-percent equity interest in each project company, while holding the remaining 51-percent equity interest of each company. Meanwhile, VNET also will provide management and operating services to all the JVs.
The first targeted capital commitments from VNET and the partner are expected to reach 5 billion yuan ($785 million).
“We are excited to partner with the sovereign wealth fund to form joint ventures for the development and operation of multiple hyperscale data center projects in China,” said Samuel S
