Morrison & Foerster acted as international counsel to the Everstone Group in its USD1 billion strategic partnership with the Yondr Group to develop and operate data centers in India. Operating under the brand name “EverYondr,” the partnership brings together the Everstone Group’s deep knowledge of the Indian market and the Yondr Group’s technical expertise and track record in developing capacity at scale, with the goal of delivering unrivalled value to hyper-scale clients.
The Everstone Group is one of Asia’s premier investment firms with assets in excess of USD6 billion across private equity, real estate, infrastructure credit, and venture capital, while the Yondr Group is a global leader, developer, owner operator, and service provider of hyper-scale data centers.
As detailed in the Everstone Group’s press release, the EverYondr joint venture will support hyper-scale clients and service the rapidly growing Indian market. The investment will be used to fund the development and operation of multi-locational hyper-scale data center business across important geographies in India, including but not restricted to the metros of Mumbai Metropolitan Region, Hyderabad, Bangalore, Chennai and National Capital Region (Delhi). The first facility located in the Mumbai Metropolitan Region, for which land and power have already been acquired, will deliver 30MW by 2023 and 60MW of IT capacity when fully developed.
The Morrison & Foerster team advising the Everstone Group was led by Singapore partners Shirin Tang and Paul Davis and Singapore associate Mark Tay.
With more than 40 real estate attorneys on the ground, Morrison & Foerster’s award-winning Asia real estate team has deep experience in all phases of the real estate cycle across key asset classes. Our clients include real estate private equity firms, investment managers, sovereign wealth funds, development companies, and REITs that invest in real estate assets. Since 2016, we have advised on more than 100 significant real estate transactions in Asia with total deal value in excess of USD200 billion. In 2020 and 2021, our data center work included guiding leading global real estate players in maiden investments in data centers in India, Japan, China, and Indonesia.