{"id":1004710468,"date":"2024-04-16T02:30:01","date_gmt":"2024-04-16T10:30:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710468"},"modified":"2024-04-23T09:46:10","modified_gmt":"2024-04-23T17:46:10","slug":"pgim-real-estate-equinix-enter-600m-jv","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/","title":{"rendered":"PGIM Real Estate, Equinix Enter $600M JV"},"content":{"rendered":"
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The Equinix SV12x International Business Exchange\u2122 in San Jose, Calif. Image courtesy of Equinix Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n

PGIM Real Estate and Equinix Inc. have entered a $600 million joint venture for the development and operation of SV12x, a San Jose, Calif., data center. Upon completion, the facility will be the first xScale data center in the nation.<\/p>\n\n\n\n

The two-story asset will be built in two phases. SV12x is anticipated to provide more than 28 megawatts of power capacity once completed.<\/p>\n\n\n\n

Situated in the Equinix Great Oaks data center campus, the facility will be developed alongside four already operational Equinix data centers.<\/p>\n\n\n\n

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READ ALSO<\/strong>: How AI is Boosting the Data Center Market<\/a><\/p>\n\n\n\n

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Downtown San Jose is approximately 11 miles from the up-and-coming facility. The San Jose Mineta International Airport is within some 15 miles.<\/p>\n\n\n\n

Phase one of SV12x is scheduled for completion in the second quarter of this year. PGIM Real Estate will own an 80 percent equity interest in the joint venture, while Equinix will control the remaining 20 percent.<\/p>\n\n\n\n

A larger demand for data centers<\/h2>\n\n\n\n

Upon delivery the new xScale project will bring Equinix’s global xScale data center portfolio to more than $8 billion and 725 megawatts of power.<\/p>\n\n\n\n

This project marks the second joint venture that Equinix and PGIM Real Estate have embarked on together. With a total commitment of $575 million, the first joint venture was formed in 2021, for the development of two xScale data centers in Sydney, Australia. In 2022, the first building, Sy9x, was completed.<\/p>\n\n\n\n

As artificial intelligence explodes, demand for data centers is seeing a significant increase. As such, data center REIT equities have been witnessing an extremely strong performance<\/a>. Those with global operating scale, such as Equinix, are especially poised to benefit from strong secular growth.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies will build the first data center of its kind in the U.S.<\/p>\n","protected":false},"author":3006,"featured_media":1004710470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21755,21782,21808,21748,21783,21742,36079,15],"tags":[33062,34714],"class_list":["post-1004710468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-centers","category-development","category-featured","category-industrial","category-investment","category-latest","category-san-jose","category-west","tag-equinix-inc","tag-pgim-real-estate"],"acf":[],"yoast_head":"\nPGIM Real Estate, Equinix Enter $600M JV - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PGIM Real Estate and Equinix are developing the first xScale data center in the U.S. Phase one is set to complete in the second quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PGIM Real Estate, Equinix Enter $600M JV\" \/>\n<meta property=\"og:description\" content=\"PGIM Real Estate and Equinix are developing the first xScale data center in the U.S. Phase one is set to complete in the second quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T10:30:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-23T17:46:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\",\"name\":\"PGIM Real Estate, Equinix Enter $600M JV - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\",\"datePublished\":\"2024-04-16T10:30:01+00:00\",\"dateModified\":\"2024-04-23T17:46:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"PGIM Real Estate and Equinix are developing the first xScale data center in the U.S. Phase one is set to complete in the second quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pgim-real-estate-equinix-enter-600m-jv\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Equinix_SV12x_International_Business_ExchangeTM__IBX___in_San_Jose__California.jpg\",\"width\":800,\"height\":620,\"caption\":\"The Equinix SV12x International Business Exchange\u2122 in San Jose, Calif. 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