Global investment firms Mount Elbert Capital Partners, GIC and OPTrust, have announced the formation of EdgeCore Internet Real Estate – an investment vehicle with fully integrated operational capabilities formed to develop, acquire, and operate data centers across North America. The new company has a target to Invest ~$2 billion to build a North American data center platform.
EdgeCore Internet Real Estate will be led by Tom Ray, a seasoned data center executive and former CEO of CoreSite. Mr. Ray joined CoreSite in 2001 while leading the CoreSite IPO in 2010. In 2016, Tom Ray announced his retirement from this role at CoreSite, but now it turns out that he has quite some energy and ambitions left to spearhead another data center company, a very promising one we must say.
Commence Construction in Dallas and Reno
EdgeCore Internet Real Estate’s initial rollout of its North American data center platform will include campus developments across six markets. EgdeCore has acquired land in Mesa, Arizona, and prior to the end of this quarter, the company plans to close upon existing agreements to acquire land in Dallas and Reno. The company plans to commence construction on each campus immediately upon acquisition.
With each data center campus designed to deliver between 100 MW and 200 MW of critical power to customers, EdgeCore plans to complete the first building in these markets in late 2018. Additionally, in the 2nd quarter of this year, the company intends to pursue acquiring land in three (!) complementary Tier I markets, with a view toward commencing construction on each campus within the year.
“We are pleased and honored to join forces with GIC and OPTrust, which we view as two of the world’s most capable and sophisticated investors,” said Tom Ray, Chairman, and CEO of EdgeCore Internet Real Estate and Mount Elbert. “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 rollout.”
GIC will be the lead anchor investor in EdgeCore Internet Real Estate. “GIC is pleased to partner with Mount Elbert and OPTrust in this venture,” said Lee Kok Sun, Chief Investment Officer, GIC Real Estate. “As a long-term value investor, we believe the secular growth in data consumption and public cloud usage will generate attractive returns in the data center sector.”
GIC is a leading global investment firm with well over $100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide.
More information on EdgeCore can be found here: https://www.edgecore.com.