Equinix (NASDAQ:EQIX) and Prudential's (NYSE:PRU) PGIM Real Estate agree to form a $575M joint venture to develop and operate two xScale data centers in Sydney, Australia.
The first xScale data center in Sydney — to be called SY9x — is expected to open in Q1 2022.
Combined with Equinix's existing hyperscale joint ventures in Europe, Asia-Pacific and the Americas, the new joint venture will bring the global xScale data center portfolio to more than $7.5B across 34 facilities, and an expected greater than 675 MW of power capacity when completed and fully constructed.
PGIM Real Estate will control an 80% equity interest in the joint venture, and Equinix will own the remaining 20% equity interest. The joint venture is expected to close in Q4 2021.