Netherlands-based pension fund manager APG Asset Management has acquired a 20% stake in OneAsia, an integrated data centre developer operating in Asia. OneAsia will also form a new strategic partnership with APG, it said in a statement on Friday.
The deal is APG’s second investment in Asia, following the acquisition of a 10.43% stake in hyperscale data centre solution provider Chindata in 2020, Baker McKenzie, the advisor to the latest deal, said in a separate statement on Monday.
Hong Kong-based OneAsia, founded in 2009, provides IT services, cloud-based solutions and, data centre services across Asia, including Hong Kong, Shanghai, and Nantong. It has “extensive infrastructure coverage” in Greater China, Singapore, Malaysia, and Vietnam, according to its website.
“We are convinced that the partnership with APG will accelerate our expansion in the high-growth data centre market, especially when we are extending our network into other countries in Asia,” said OneAsia founder and CEO Charles Lee.
The partnership will escalate the momentum of its footprint extension and its diversified reach further into North and Southeast Asia through a pipeline of opportunities in China, Japan, Korea and Thailand, OneAsia said.
Upon completion of the investment by APG, OneAsia will be 80% owned by China-based Legan. Established in 1992, Legan provides total solutions for critical environments, IT infrastructure, cloud and data centre services in Asia.
APG manages approximately 573 billion euros ($686.48 billion) as of December 2020 in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing.
Interest in data centres surged in 2020 following a sharp spike in web traffic, as people turned to video streaming, online gaming, video conferencing, and e-commerce, amid the pandemic-induced lockdown. PEs, tycoons, and realtors poured at least $6.57 billion into Southeast Asian data centre companies and facilities in 2020, showed DealStreetAsia data as of November last year.