Digital Realty to Extend Global Reach of PlatformDIGITAL® with Development of 64-Megawatt Facility in South Korea

Rhea-AI Summary

Digital Realty (NYSE: DLR) has acquired land in Seoul, South Korea, to develop a new facility capable of hosting 64 megawatts of IT capacity. This facility, named Digital Seoul 2 (ICN11), will span 970,000 square feet and is projected to be operational by the first half of 2023. The new campus aims to enhance connectivity for global enterprises, supporting growth in data exchange, particularly in sectors like banking and finance. Digital Realty emphasizes its commitment to delivering carrier-neutral solutions to meet growing demand in this rapidly expanding market.

Positive

• Acquisition of a land parcel in Seoul to develop a 64 megawatt facility.
• Expected operational capacity of 970,000 square feet by mid-2023.
• Expansion supports enhanced connectivity and growth for global enterprises in South Korea.

Negative

• None.

SEOUL, South Korea, July 29, 2021 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today it has acquired a land parcel in Seoul, South Korea expected to support the development of up to 64 megawatts of critical IT capacity.  The parcel is located at Gurae-dong, Gimpo City in northwest Seoul, approximately 23 kilometers from Digital Seoul 1 (ICN10), Digital Realty's first facility in South Korea, which is currently under construction and scheduled for delivery in the fourth quarter of 2021.  

The new, multi-story facility, Digital Seoul 2 (ICN11), is expected to encompass 970,000 square feet and to be fully operational and offer more opportunities for domestic and international companies to expand their digital capabilities across South Korea by the first half of 2023.  The carrier-neutral campus will form a key building block in the development of the industry's largest open fabric of fabrics, providing access to the rich connected data community on PlatformDIGITAL® with over 4,000 participants in 47 metros across 24 countries. 

The new development is part of a broader vision to build a new era of open, secure and dynamically connected data communities in major hubs around the world to unlock opportunities and trapped value in digital business, as outlined earlier this year in Digital Realty's industry manifesto for open interconnection.  The collaborative approach with the industry aims to remove legacy barriers to digital transformation by more closely aligning with the hybrid IT and security considerations of multinational enterprises.  

"South Korea is one of the world's largest economies and represents a significant opportunity to extend coverage, capacity and connectivity options for the world's leading enterprise customers and service providers," said Digital Realty Chief Executive Officer A. William Stein.  "Our continued investment in the country supports the delivery of carrier-neutral solutions to enable the digital transformation strategies of local and global customers in the region." 

Digital Realty's Data Gravity Index DGx™ projects that Forbes global 2000 enterprises will be adding storage at a combined rate of more than 620 terabytes per second for data aggregation and exchange across 53 metros by 2024, with Asia Pacific expected to generate the fastest growth across all regions.  Seoul, in particular, is expected to realize significant growth in the volume of enterprise data exchange, led by its banking and financial services sector.  

"South Korea is one of the fastest growing data center markets in the region, driven by leading global service providers as well as local over-the-top and gaming companies," said Mark Smith, Managing Director APAC for Digital Realty.  "South Korea is a leading player on the global digital stage, and we expect the country's new 'Digital Deal' investments in 5G, big data and artificial intelligence to drive greater demand for highly connected centers of data exchange."  

"The launch of ICN11 is an integral part of our go-to-market strategy in South Korea and is expected to go a long way towards meeting the rapidly growing demand and bringing value for customers across the region," said Jay Weon Khym, Digital Realty Country Manager for Korea.  "Current and future customers on our carrier-neutral campus in one of the world's most innovative economies will have access to greater coverage, capacity, and connectivity capabilities to unlock the true potential of digital transformation."  

About Digital Realty
Digital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions.  PlatformDIGITAL®, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) solution methodology for scaling digital business and efficiently managing data gravity challenges.  Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with 290 facilities in 47 metros across 24 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.  

Media Contacts
Marc Musgrove
Digital Realty
+1 (415) 508-2812
mmusgrove@digitalrealty.com

Omer M. Wilson
Digital Realty, APAC
+65 6505 3951
owilson@digitalrealty.com

Investor Relations
John J. Stewart / Jim Huseby
Digital Realty
+1 (415) 738-6500
InvestorRelations@digitalrealty.com

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to PlatformDIGITAL®, Data Gravity Index DGx and projections regarding data gravity, aggregation and exchange, the company's strategy, expected growth in digital transformation, development plans in Korea and APAC, and customer demand.  For a list and description of risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission.  The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  

 

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SOURCE Digital Realty

FAQ

What facility is Digital Realty developing in South Korea?

Digital Realty is developing the Digital Seoul 2 (ICN11) facility, which will support 64 megawatts of IT capacity.

When will Digital Realty's new facility in Seoul be operational?

The new facility is projected to be operational by the first half of 2023.

How large is the Digital Seoul 2 facility?

The Digital Seoul 2 facility will encompass 970,000 square feet.

Why is the Digital Seoul 2 facility significant for enterprises?

It aims to enhance connectivity options and digital capabilities for global enterprises in South Korea, particularly in data-heavy sectors.

What is the expected impact of the new facility on the data exchange market in Seoul?

The facility is expected to support significant growth in enterprise data exchange, especially within the banking and financial services sector.