Seoul, South Korea, March 21, 2022 /CNW/ – Canada Pension Plan Investment Board (CPP investments) and Pacific Asset Management Company (Pacific) today announced a 200 billion KRW (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 engage 137 billion KRW (C$146.8 million) in equity for the development of the project, CPP Investments allocating 126 billion KRW (135 million Canadian dollars). Other investors in the joint venture include Dreammark 1, GS Retail and Shinhan Investment Corporation.
Located in the eastern part of Seoul metropolitan area, Jukjeon Data Center is close to Pangyo Techno Valley, a technology hub known as South Korea Silicon Valley. The data center also provides connectivity to several telecom operators.
“The demand for data centers in Asia Pacific continues to grow and is further boosted by the COVID-19 pandemic. Companies in South Korea need digital infrastructure as the country is emerging as a hub of technology and innovation in the region,” said Gilles Chou, Managing Director, Head of North Asia Real Estate, CPP Investments. “This joint venture combines the strength of each partner to provide a premier data center for tenants and represents a significant investment opportunity for CPP Investments as we continue to expand our real estate portfolio in the region.
The Jukjeon data center, with a total gross floor area of 99,070 square meters, will consist of four floors above ground and four floors underground to provide commercial space for cloud services, internet services and information technology companies. Upon completion in June 2024Jukjeon data center will be operated by LG CNS, an experienced data center operator in South Korea.
About RPC Investments
The Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interests of more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made worldwide in public equities, private equities, real estate, infrastructure and fixed income securities. Based at Torontowith offices at hong kong, London, Luxemburg, Bombay, New York City, San FranciscoSao Paulo and sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. AT December 31, 2021the Fund has totaled C$550.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook Where Twitter.
About the Pacific
Pacific Asset Management Company (Pacific) is an alternative management company specializing in real estate. Pacific has made investments in various asset classes such as offices, logistics, hotels, multi-family buildings and data centers, with assets under management of US$4.2 billion from December 31, 2021. For more information, please visit http://www.pacific-amc.com.
SOURCE Canada Pension Plan Investment Board
For further information: Media Contacts: CPP Investments, Connie Ling, Managing Director, Global Corporate Communications, T: +852 3959 3476, [email protected]; Pacific: Eunsoo Jung, Director, T: +822 2051 1319, [email protected]