Princeton Digital Group (PDG) has signed a deal to develop three more data centers outside Mumbai, India.
Business park developer Mindspace REIT this week announced its strategic partnership with Princeton Digital Group, to develop more data centers for PDG at the Mindspace Airoli West business park. Terms of the deal were not shared.
Under this partnership, Mindspace REIT will develop three additional built-to-suit data centers for PDG, adding a further 1 million sq ft to its portfolio. Spanning 15 acres, the new developments will become a part of the larger 50-acre campus at Mindspace Airoli West.
Ramesh Nair, CEO, Mindspace REIT said: “This deal reinforces our commitment to diversifying our portfolio and tapping into high-growth sectors like data centers. For us, integrating data centers into our portfolio makes strategic sense as they offer stable and long-term revenue streams, future proofs our portfolio, and help diversify income sources.”
PDG was set up with the help of Warburg Pincus in 2017 and operates data centers in China, Singapore, India, Indonesia, Malaysia, and Japan. Mubadala is also an investor.
PDG last week announced a $1 billion expansion plan for India, saying it would expand its data center capacity in Mumbai and Chennai, and bring its total local portfolio to 230MW of capacity.
Located in Mumbai, MU1 currently offers 48MW across two buildings. PDG plans to add three new facilities, bringing the total campus capacity to 150MW across 15 acres of land. The first phase of the expansion is scheduled for delivery in 2026.
Mindspace said the REIT has already developed two data centers for PDG, totaling 630,000 sq ft (58,530 sqm). Upon completion, the Airoli West park will feature five data center buildings, with the total data center footprint within the Mindspace REIT portfolio standing at 1.65 million sq ft (153,290 sqm).
Sponsored by K Raheja Corp Group, Mindspace REIT owns office portfolios located across the Mumbai Region, Pune, Hyderabad, and Chennai.
Mindspace first signed a lease agreement with a then-unnamed data center operator for space at Airoli West back in 2021 – the same week PDG announced plans to build a 48MW multi-story data center campus in Navi Mumbai.
