Abu Dhabi sovereign wealth fund Mubadala Investment Company is making an equity investment of $350 million in Singapore-based data centre operator Princeton Digital Group (PDG).
Both existing shareholders in PDG, Warburg Pincus and Ontario Teachers’ Pension Plan Board, are also investing in this round, taking the total to $505 million, Mubadala said.
The fundraise will enable PDG to consolidate its position as the leading Pan-Asia data centre operator with presence in China, India, Singapore, Japan and Indonesia, while accelerating expansion plans into other markets in Asia.
Established in 2017, PDG has a portfolio of 20 data centres with over 600MW of secured capacity and spanning five countries. The company serves hyperscalers, internet and cloud companies, and financial institutions.
Khaled Abdulla Al Qubaisi, CEO of real estate and infrastructure investments at Mubadala, said PDG operates in “an attractive market” with “strong tailwinds” and catering to rising demand from the hyperscale segment and more broadly Asia’s digital economies.
Asia is one of the fastest-growing data centre regions in the world, driven by a large base of internet users, the growth of digitalization, high levels of data usage and an increasing tech-savvy young population.
“We look forward to working with PDG’s management team to capitalize on the growth opportunities and create not only sustainable, long term value creation, but also support Asia’s digital infrastructure development as a vital enabler to economic progress,” Al Qubaisi said.