By Tudor Scolca
GIC, Mount Elbert Capital Partners and OPTrust have formed an investment vehicle, EdgeCore Internet Real Estate. The new company’s goal will be to invest in and build a scalable data center platform in the U.S., across six key locations.
Initial capitalization is set at more than $200 million of equity, in turn supporting approximately $2 billion in data center development and investment. EdgeCore acquired land in Mesa, Ariz., and will close soon on territories in the Dallas-Fort Worth and Reno, Nev., areas. By the end of the year, the company plans to buy additional land in Tier I markets, such as Silicon Valley, North Virginia or Chicago.
Each campus will deliver between 100 and 200 megawatts upon full build-out. Construction is set to begin at all locations as soon as land deals close and initial deployments are slated for late 2018. GIC is acting as main anchor investor in EdgeCore Internet Real Estate, while Tom Ray will take the helm as CEO & chairman at the company. He also holds the position of CEO at Mount Elbert Capital Partners.
“We are excited to execute upon our shared vision of creating a scalable North American data center platform and we look forward to expanding with GIC and OPTrust as we work to grow EdgeCore Internet Real Estate beyond our initial roll-out,” said Ray in a prepared statement.