Mubadala leads $500m round for Princeton Digital
Abu Dhabi’s Mubadala Investment has contributed USD 350m to a USD 500m equity round for Singapore-based data centre developer Princeton Digital Group (PDG).
Existing investors Warburg Pincus and Ontario Teachers’ Pension Plan (OTPP) re-upped. It brings total investment since the company’s inception in 2017 to at least USD 1.3bn, including a USD 360m round featuring OTPP and Warburg Pincus in 2020.
PDG develops and operates hyperscale data centres across Singapore, China, India, Indonesia and Japan. The portfolio currently amounts to 20 facilities with 600 megawatts of secured capacity serving internet and cloud companies and financial institutions.
The company said it expected to leverage Mubadala’s “extensive knowhow” in digital infrastructure to scale the business. The sovereign wealth fund’s previous investments in this space include North American operator Cologix and Khazana Data Centers of the United Arab Emirates.
It extends a global trend among sovereigns to increasingly embrace internet and technology-related development opportunities where they cross over with real estate and infrastructure strategies. Much of the sovereign agenda also relates to supporting the modernisation of business activity at a national level.
As recently as last month, Singapore’s GIC committed USD 525m alongside digital infrastructure company Equinox to a data centre rollout in Korea, citing similar tailwinds around digitalisation and industrial demand for scalable internet capacity.
PDG will use the fresh capital will be used to double down on its existing footprint and take the company into new geographies. The Middle East has previously been mooted as a potential expansion market, as has Latin America.
PDG provides on-demand, carrier-neutral services with advanced power and cooling technology, physical security, and round-the-clock technical support. The offering includes custom design and facility development, as well as site selection and construction services.
“Since making our initial investment we have been very impressed with the management team’s ability to successfully execute a highly differentiated strategy and focus on value creation,” Ben Chan, a senior managing director for Asia Pacific at OTPP, said in a statement.
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