SEOUL, June 17 (UPI) -- South Korea's IGIS Asset Management, the country's leading real estate investment firm, plans to invest $1.3 billion to build two AI data centers in Busan, about 280 miles southeast of Seoul.
To that end, IGIS Asset Management signed a memorandum of understanding with the Busan Metropolitan City government on Tuesday. The construction of the 40- and 80-megawatt data centers is expected to begin in late 2026, with operations scheduled to start in late 2029.
The MOU signing ceremony came just a day after nearby Ulsan city disclosed a $5.1 billion joint investment by Korea's SK Group and Amazon Web Services, the world's top cloud provider.
The two partners aim to establish a 41 MW facility by 2027 and expand it to 103 MW by 2029 in Ulsan, which is situated 30 miles north of Busan.
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