Equinix and PGIM Real Estate, the real estate investment and financing arm of PGIM, Prudential Financial’s global asset management business, announced the entry into a $600M joint venture to develop and operate the first xScale data center in the U.S., located in the Silicon Valley region of California. The two-story facility, which will be known as SV12x, will be built out in two phases and is expected to provide more than 28 megawatts of power capacity at full build out. SV12x is located at Equinix’s Great Oaks data center campus in San Jose, California alongside four existing Equinix International Business ExchangeTM data centers. The first phase of the facility is scheduled to be completed in Q2. This agreement represents the second joint venture between Equinix and PGIM Real Estate. Under the terms of the agreement, PGIM Real Estate will control an 80% equity interest in the joint venture, and Equinix will own the remaining 20% equity interest.
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