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OneAsia to break into South Korea with $600m data park

Investment is the first major project carried under the partnership with Dutch pension fund APG Asset Management signed last spring.

By João Marques Lima

Founder and Editor, The Tech Capital

4 Mins

November 01, 2021 | 12:00 AM GMT

OneAsia to break into South Korea with $600m data park

Charles Lee, founder and CEO of OneAsia Group. Source: OneAsia

APAC data centre operator OneAsia has officially signed its expansion into South Korea with the development of a data centre and education park in Busan.

The project, set to come at a price tag of KRW 660 billion (US$600 million), will deliver a data centre campus with approximately 88,000 square meters/950,000 sq ft and an IT power capacity of 80MW.

The operator said it expects to start operations in Q1 2024.

The company said in a LinkedIn post: “We are delighted to announce our first data centre in South Korea, located at Mieum Industrial Park in Busan-Jinhae Free Economic Zone, an optimal business and IT hub for multi-national companies.

“This remarkable project seals the comprehensive partnership between OneAsia, Busan Metropolitan City, Busan Metropolitan Corporation, and Busan – Jinhae Free Economic Zone Authority.

“We believe the OneAsia DC Campus will be a regional critical IT hub in the North Asia region and a springboard for multi-national internet-based companies to enter the Korean market. It also provides a reliable and advanced digital infrastructure to support the rapid development of innovation and technology in South Korea.”

OneAsia operates today over 10 data centre facilities in China and Hong Kong with a combined megawatt power output of 186MW and over 1.7 million sq ft of flooring space.

Last April, OneAsia formed a strategic partnership with pension fund APG Asset Management (APG), who, on behalf of its Dutch pension fund clients, made a 20% stake investment in the data centre operator.

The investment was designed to further boost the company’s penetration into existing and news markets across China, Japan, Korea and Thailand.

Interestingly, this was not APG’s first data centre investment into the APAC region having acquired a 10.4% stake in China’s Chindata Group in 2020.

Graeme Torre, Head of Real Estate at APG Asset Management Asia, said at the time: “With the increase in data usage for all aspects of our social and business lives, we identified the need to make a strategic and global allocation to this asset class.

“However, with the rate of change in technology it is important to invest alongside partners that will keep us ahead in terms of development and innovation. OneAsia‘s track record in this respect and it’s aspirations in the field of ESG made them an obvious partner for us. We are delighted to be partnering with Charles Lee and his team.”

Following the transaction, OneAsia became an 80:20 business, with APG accounting to the referred 20% stake, and Hong Kong-based data centre and IT infrastructure platform Legan Group owning the other 80%.

The Legan Group has more than 400 employees located across Asia and was founded in 1992 by businessman Charles Lee.

The group also owns and operates other digital businesses including Outerspace, ReachTec Group, Yoho eBiz Limited, Octagon Workshop, and Appcara Inc.

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João Marques Lima

Founder and Editor, The Tech Capital

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