TORONTO — The Canada Pension Plan Investment Board has signed a new joint venture deal with Pacific Asset Management Co. to develop data centres in South Korea.
The investment manager says it is its second data centre joint venture with Pacific AMC.
CPP Investments has committed $285 million to the $1-billion joint venture's initial seed project.
Max Biagosch, senior managing director, global head of real assets and head of Europe for CPP Investments, says the deal expands a valued partnership.
The board's first joint venture with Pacific AMC was set up in 2022 to build the Jukjeon Data Centre in South Korea.
CPP Investments has data centre joint ventures and investments across the Asia Pacific region, as well as in the U.S. and Canada.
This report by The Canadian Press was first published Nov. 21, 2024.
The Canadian Press