CPP Investments to Allocate Capital to Jukjeon Data Centre Development
Posted on 03/21/2022
Demand for data centers in Asia Pacific continues to grow and is boosted further by the COVID-19 pandemic. Canada Pension Plan Investment Board (CPP Investments) and Pacific Asset Management Company (Pacific) announced a KRW200 billion (C$ 214.3 million) joint venture to develop the largest carrier-neutral hyperscale data center, Jukjeon Data Centre, in South Korea. CPP Investments and a fund managed by Pacific will commit KRW 137 billion (C$ 146.8 million) in equity for the project development, with CPP Investments allocating KRW 126 billion (C$135 million). Other investors in the joint venture include Dreammark 1, GS Retail Co Ltd, and Shinhan Investment Corporation.
Located in the eastern part of the Seoul metropolitan area, Jukjeon Data Centre is close to the Pangyo Techno Valley, a technology hub known as South Korea’s Silicon Valley. The data center also provides connectivity to multiple telecom carriers.
Jukjeon Data Centre with a total gross floor area of 99,070 square meters will consist of four above-ground floors and four below-ground floors to provide commercial space for cloud service, internet service and information technology companies. Upon completion in June 2024, Jukjeon Data Centre will be operated by LG CNS, an experienced data-centre operator in South Korea.
Pacific Asset Management Company (Pacific) is an alternative investment management company specialized in the real estate.
