Equinix, PGIM Real Estate Enter Into $600 Mln Data Center JV

(RTTNews) - Equinix, Inc. (EQIX) on Monday revealed a $600 million joint venture with PGIM Real Estate to develop and run the first xScale data center in the United States.

The two-story facility, named SV12x, will be situated at Equinix's Great Oaks data center campus in San Jose, California.

PGIM Real Estate will hold an 80 percent equity interest in the joint venture, with Equinix retaining a 20 percent equity interest.

Construction of the SV12x data center will unfold in two phases, with the first phase expected to be finished by the second quarter of 2024.

Upon completion, the data center is anticipated to deliver over 28 megawatts of power capacity.

This partnership signifies the second joint venture collaboration between Equinix and PGIM Real Estate.