SINGAPORE (July 2): GIC, a global long-term investor and manager of Singapore’s foreign reserves, is betting big on the growth in demand for data centres.
The sovereign wealth fund has agreed to enter into an 80:20 joint venture with Equinix to acquire and develop six hyperscale data centres in Europe for more than US$1 billion (S$1.3 billion).
“As a long-term value investor, we are confident that the strong growth in data consumption and public cloud data storage will continue to drive secular demand for hyperscale data centres,” says Lee Kok Sun, chief investment officer of GIC Real Estate.
The move comes just weeks after GIC in June announced a partnership with data centre provider Polymer Connected to develop a data centre campus in Jakarta, Indonesia.
As a start, the latest joint venture will see GIC and Equinix acquire two operational data centres in London and Paris, with plans to further develop...(click on link for full story on theedgesingapore.com)