Res Network News:On March 5, Mitsubishi Corporation will establish a partnership with Digital Realty beyond Japan, and the two companies announced the establishment of a new joint venture to support the development of two data centers in North Texas, with an investment cost of up to $800 million.
It is reported that the Tokyo-based ** company and the American data center giant will own the two factories in the Dallas metro area under a 65:35 joint venture. The partners will each contribute 2$6.5 billion and 1$3.5 billion.
Construction of the data center began in the fourth quarter of 2022 and is fully pre-leased to an S&P 100 investment grade customer for a long-term lease, with the first phase expected to be completed by the end of 2024. During the initial lease term, the client has the option to expand the project to 48MW of the total IT load, which could increase the consolidated budget to US$800 million.
The two Dallas-area plants represent Mitsubishi Corporation's first overseas joint venture in the data center business, according to a separate statement released Monday. Digital Realty will manage the development and day-to-day operations of the data center and will charge a regular fee.
Digital Realty is a real estate investment trust** (REIT) with more than 300 institutions in 27 countries. According to unaudited results, the Texas-based company had $44.1 billion in assets at the end of December 2023.