Target to Invest ~US$2.0 Billion to Build North American Data Center Platform
DENVER / TORONTO / SINGAPORE — February 14, 2018 — Mount Elbert Capital Partners (“Mount Elbert”), GIC and OPTrust today announced the formation of EdgeCore Internet Real Estate, LLC (the “Company”), an investment vehicle with fully integrated operational capabilities formed to develop, acquire, and operate data centers across North America. The Company will initially be capitalized with over US$800 million of equity targeted to support approximately US$2.0 billion in data center development and investment.
EdgeCore Internet Real Estate’s initial roll out of its North American data center platform will include campus developments across six markets. The Company has acquired land in Mesa, Arizona, and prior to the end of this quarter the company plans to close upon existing agreements to acquire land in Dallas and Reno. The Company plans to commence construction on each campus immediately upon acquisition. With each campus designed to deliver between 100 MW and 200 MW of critical power to customers, the Company plans to complete the first building in these markets in late 2018. Additionally, in the second quarter of this year the Company intends to pursue acquiring land in three complementary Tier I markets, with a view toward commencing construction on each campus within the year.
“We are pleased and honored to join forces with GIC and OPTrust, which we view as two of the world’s most capable and sophisticated investors. 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,” says Tom Ray, Chairman and CEO of EdgeCore Internet Real Estate and Mount Elbert.
GIC will be the lead anchor investor in EdgeCore Internet Real Estate. Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “GIC is pleased to partner with Mount Elbert and OPTrust in this venture. As a long-term value investor, we believe the secular growth in data consumption and public cloud usage will generate attractive returns in the data center sector.”
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.
Additional information on the Company can be found at www.edgecore.com.