Japan data centre deal established by joint venture between CPP and Mitsui

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The Canada Pension Plan Investment Board announced that it has established a data centre joint venture with Mitsui & Co. Ltd. The investment company will allocate approximately 400 million dollars in equity into the venture.

The venture, the Japanese Data Centre Development Fund (Mitsui Fund), will be an investment platform for hyper-scale data centre developments in Japan. The fund’s initial projects will be hyper-scale data centre developments in greater Tokyo and Osaka areas in Japan.

“The COVID-19 pandemic has accelerated the demand for data centres globally. In Japan, the scarcity of developable sites near major urban areas such as Tokyo and Osaka and intense capital needs have presented further challenges in developing hyper-scale data centres,” Jimmy Phua, managing director at CPP Investments, said. “This investment will help address both the significant demand and constrained supply, providing tenants with high-quality space and service.”

The company is one of Japan’s largest general trading and investment companies with a diversified business portfolio that spans approximately 64 countries. The data centres will be managed by Mitsui’s real estate fund management subsidiary and operated by experienced data-centre operators.

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