Manulife Investment Management has agreed to purchase a controlling interest in a server farm, a data center operator that owns multiple centers in the United States and around the world.
The definitive agreement comes at a time when the rapid introduction of new artificial intelligence apps is driving investment in the data center industry, fueling double-digit growth in the data center industry.
Manulife’s investment on behalf of Manulife Infrastructure Fund II will accelerate the global expansion of its portfolio of server farms, the Toronto-based financial services firm said, without disclosing the investment amount. The acquisition will provide the server farm with capital to continue its expansion across North America, Europe and Israel.
“Server farms are well-positioned to take full advantage of the strong long-term tailwinds in the data center market, providing high-quality products,” said Recep Kendi Lucioglu, head of global infrastructure at Manulife Investment Management, in a statement. We have built a data center portfolio and growth platform.”
Manulife and Server Farm did not immediately respond to requests for additional information about the agreement and expansion plans.
The Los Angeles-based server farm currently operates a portfolio of eight data centers totaling over 1.5 million square feet in North America, Europe and Israel, with additional land reserved for future data center development. increase.
In the US, the server farm owns data centers in the Atlanta, Chicago, Seattle, and Los Angeles markets. Tenants include companies such as Google, AT&T, Amazon, Amdocs, Verizon, and Century Link.
The transaction is expected to close in the third quarter.
Serverfarm is privately owned by Dutch-based real estate developer Red Sea Group.
Manulife Infrastructure Fund II closed in November 2021 with committed capital of $4.65 billion. The fund was the largest raised by Manulife Investment Management at the time.
