Equinix and PGIM Real Estate will establish a $600 million joint venture to develop and operate an xScale data center in San Jose, California.
PGIM is the $210 billion real estate investment and financing arm of Prudential Financial's global asset management business.
The two-story facility, which will be known as SV12x, will be built out in two phases and is expected to provide more than 28 megawatts (MW) of power capacity at full build out. SV12x is located at Equinix's Great Oaks data center campus in San Jose, California alongside four existing Equinix International Business ExchangeTM (IBX) data centers. The first phase of the facility is scheduled to be completed in Q2 2024.
This new joint venture will bring the global xScale data center portfolio to more than $8 billion across more than 35 facilities, and an expected greater than 725 megawatts of power capacity when completed and fully constructed.
