SINGAPORE, Sept. 08, 2022 (GLOBE NEWSWIRE) — STACK Infrastructure (“STACK”), the digital infrastructure partner to the world’s most innovative companies and a leading global developer and operator of data centers, and ESR Group Limited (“ESR” or the “Company”, together with its subsidiaries as the “Group”; SEHK Stock Code: 1821), APAC’s largest real asset manager powered by the New Economy, today announced a joint venture to develop a 48MW data center site in Incheon, Korea.
STACK and ESR will jointly develop and deliver a 48MW facility in Incheon in Seoul’s western suburbs. Power to the facility has been secured from KEPCO and construction of the single building will commence in Q1 2023 for delivery of ready for service capacity in Q4 2024. The facility will be operated under the STACK brand.
The development is strategically located with robust access to power and network, offering scalability and reliability for higher rack densities and floor loading specifications. The partners will develop a facility incorporating the latest environmentally friendly design supporting industry-leading PUE and building standards. This data center will enable hyperscalers and enterprise clients to address their evolving requirements in Korea and the APAC region more broadly.
“STACK’s opening of a fifth APAC market in 12 months, expanding on our recent developments in Melbourne, Canberra, Perth and Tokyo, enhances our focus on our customers’ strategic requirements by establishing a scalable presence in existing and emerging Tier 1 data center markets,” said Pithambar (Preet) Gona, STACK’s Chief Executive Officer – APAC. “We are excited about our partnership with ESR, which illustrates our ability to work with market leading real asset managers, leveraging our combined expertise to the benefit of our customers.”
“ESR’s strong regional capability and experience in Tier 1 data center markets ensures we are well-positioned to help develop facilities across critical hyperscale locations,” said Diarmid Massey, CEO of ESR Data Centres. “Partnering with STACK enables us to leverage an outstanding global operating platform and innovative capital solutions to target hyperscale customer growth in key markets.”
This milestone follows the recent announcements of STACK’s entrance to the APAC market with the opening of its Singapore regional headquarters, its first 36MW campus in Inzai, Japan and expansion into the Australia market with 124MW in Melbourne, Canberra, and Perth.
The strategic nature of ESR’s partnership with STACK and ESR’s previously announced data center land acquisitions in Japan and Hong Kong, as well as the recent first closing of ESR DC Fund 1, a maiden fund with over $1 billion of equity commitments, continue to demonstrate ESR’s commitment to new economy investment and the development of a range of environmentally friendly and industry leading data center solutions regionally.
ABOUT STACK INFRASTRUCTURE
STACK provides digital infrastructure to scale the world’s most innovative companies. With a client-first approach, STACK delivers a comprehensive suite of campus, build-to-suit, colocation, and powered shell solutions in the Americas, EMEA and APAC regions. With robust existing and flexible expansion capacity in the leading availability zones, STACK offers the scale and geographic reach that rapidly growing hyperscale and enterprise companies need. The world runs on data. And data runs on STACK.
For more information about STACK, please visit: https://www.stackinfra.com.
ESR is APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With over US$140 billion in total assets under management (AUM), ESR’s fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business, which allow capital partners and customers to capitalise on the most significant secular trends in APAC. ESR is the largest sponsor and manager of REITs in APAC with a total AUM of US$45 billion. Our purpose – Space and Investment Solutions for a Sustainable Future – drives us to manage sustainably and impactfully and we consider the environment and the communities in which we operate as key stakeholders of our business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index.
For more information on ESR, please visit www.esr.com.
Chang Rui Hua
Group Head of Capital Markets and Investor Relations – Managing Director
+852 2376 9623 / +852 5506 7719
Senior Director, Group Corporate Affairs
Tel: +65 6972 2192
A photo accompanying this announcement is available at https://www.globenewswire.com/