Singapore-headquartered private equity real estate firm SC Capital Partners is looking to build a $2 billion data center platform as part of its plan to grow its investment business.
PERE can reveal that the firm aims to raise $1 billion of equity in the next three to four years for the platform, SC Zeus Data Centers, which is expected to have a total portfolio size of around $2 billion including leverage. The $1 billion in equity can include the firm’s balance sheet capital, capital from SC Capital’s funds and fresh capital from its existing investors. SC Capital’s funds will have the first look at deals being sourced by the platform.
With a target of acquiring at least four assets, the platform has been seeded with an investment in Seoul, where it will develop a hyperscale data center at an expected total cost of around $500 million.
Suchad Chiaranussati, chairman and founder of SC Capital, said in a release that the firm has been following the Asia-Pacific data center market closely and has seen “surging interest in the sector.” It is understood that the firm made its first investment into the sector last year with a project in Guangzhou, China. Backed by the firm’s flagship private equity real estate fund Real Estate Capital Asia Partners V and capital from its existing investors, the project is expected to be in operation in August this year.
Source: PERE News
