Mount Elbert, GIC and OPTrust Partner To Create $2B Data Center Platform
Mount Elbert Capital Partners, GIC and OPTrust have entered an agreement to create a $2B investment vehicle that will develop, acquire and operate data centers across North America.
EdgeCore Internet Real Estate will be funded with an initial $800M of equity, led primarily by GIC, that will ultimately support an estimated $2B in data center development and investments.
The newly formed company plans to develop data center campuses in six markets across North America, beginning with Mesa, Arizona. EdgeCore is also close to finalizing acquisitions for land in Dallas and Reno, with property in three more Tier 1 markets expected to be secured during Q2.
As soon as the transactions have closed, EdgeCore will begin construction to build its data centers, each of which will be equipped with between 100 megawatts and 200 MW of power.
“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,” EdgeCore Internet Real Estate and Mount Elbert Chairman and CEO Tom Ray said in a statement.
The first building is expected to be complete by the end of the year.