Ascendas Property Fund Trustee to invest $ 217 million in new data center in Navi Mumbai
Ascendas Property Fund Trustee Pte. will invest approximately $ 216.6 million to develop and operate the first phase of its first data center campus in the country. The new 6.6-acre site at Navi Mumbai will be phased into a fully equipped data center campus with a total potential built-up area of up to 575,000 square feet and 90 megawatts of power to house customers such as Global technology giants and cloud service providers, as well as large domestic corporate clients.
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The site acquisition from third-party vendors is expected to be finalized by the third quarter of 2021. The data center campus will consist of two buildings. In the first phase, the first building, which is expected to be ready by the second quarter of 2024, will have a built-up area of approximately 325,000 square feet.
Sanjeev Dasgupta, CEO of Trustee-Manager of Ascendas India Trust, said: “Our entry into the data center industry in India will diversify a-iTrust’s portfolio into an attractive and highly scalable asset class. India has the second fastest growing digital economy in the world. The large market size combined with the growing trend towards data localization validates our market entry strategy. The development of our first data center campus with the support of our sponsor, CapitaLand, will allow us to leverage the CapitaLand group’s data center expertise and give us full control over the design and quality of the data center.
He Jihong, Managing Director of Data Center and Director of Corporate Strategy of CapitaLand Group, said, “The growing consumption of data in India and the demand for quality solutions represent a good opportunity for CapitaLand to enter into the country’s booming data center market. We are acquiring the site for the development of our first data center in India following the recent acquisition of our first hyperscale data center in China, one of the largest data center markets in the world. We are accelerating our growth in data centers and accelerating the expansion of the Group’s portfolio towards new economic asset classes.