South Korea will see the construction of its biggest data centre yet after the Canada Pension Plan Investment Board and Pacific Asset Management Company announced a 200-billion-won ($164 million) joint venture.
The hyperscale data centre will be built in the eastern part of the Seoul metropolitan area, close to the Pangyo Techno Valley, a technology hub known as South Korea’s Silicon Valley.
The data centre will also provide connectivity to multiple telecom carriers.
“Demand for data centres in Asia-Pacific continues to grow and is boosted further by the Covid-19 pandemic,” said Gilles Chow, CPP Investments head of North Asia real estate.
“Companies in South Korea are in need of digital infrastructure as the country is emerging as a technology and innovation hub in the region,” he added.
CPP Investments and a fund managed by Pacific will commit 137 billion won in equity for the project development, with CPP Investments allocating 126 billion won.
Other investors in the joint venture include Dreammark 1, GS Retail, and Shinhan Investment Corporation.
Jukjeon Data Centre will have a total gross floor area of 99,070 square metres and 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.
- George Russell
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