PDG Sells Indonesian Data Centers to SM+ Holdings
Princeton Digital Group is selling its five Indonesian data centers to SM+ Holdings, backed by Sinar Mas, to focus on a 400-megawatt hyperscale pipeline in Jakarta.
Princeton Digital Group (PDG) is exiting its Indonesian data center portfolio. The company sold five operational facilities to SM+ Holdings, a platform backed by the Sinar Mas conglomerate, in a deal confirmed on Monday. This marks PDG's first disposal since initiating a strategic review earlier this year, as it pivots to serve hyperscale customer demand. No transaction price was disclosed.
PDG entered the Indonesian market in 2019 by acquiring a 70 percent stake in XL Axiata's data center business. The portfolio being sold includes sites in Greater Jakarta, Bandung, Surabaya, and Pekanbaru. SM+ Holdings will integrate these five facilities into its existing network.
Hyperscale Expansion Drive
PDG's co-founder and CEO, Rangu Salgame, framed the sale as a natural step to sharpen the company's focus. The strategic goal is to develop a 400-megawatt hyperscale pipeline in Jakarta. This portfolio comprises the JC2, JC3, and JC4 campuses. Indonesia's 400-megawatt planned capacity represents about 22 percent of PDG's total 1.8-gigawatt portfolio across Asia Pacific.
To fund this expansion, PDG recently secured significant financing. In May, the company closed an $856 million package. This included a $456 million syndicated facility from a consortium of banks to support the build-out of the JC3 campus.
Deal Structure and Regional Impact
The acquisition significantly expands SM+ Holdings' footprint. Following the deal, SM+ will operate 31 sites across 25 different cities or markets in Indonesia. The buyer, founded in 2023, is a digital infrastructure and services platform backed by Sinar Mas, one of Indonesia's largest conglomerates with deep real estate interests. The company stated the acquisition marks an important milestone in building a leading home-grown digital infrastructure platform.
SM+ Data Centers currently owns and operates 25 data centers in Indonesia with almost 40MW of capacity. UBS AG Singapore Branch acted as exclusive financial advisor to SM+ on the transaction. The deal is subject to customary closing conditions.
Financing and Development Context
PDG's remaining and future assets in Indonesia are concentrated in hyperscale campuses around Greater Jakarta. The company is proceeding with major developments, supported by its shareholders, including largest investor Warburg Pincus. Ontario Teachers' Pension Plan, Mubadala, and Stonepeak are also backers.
| Campus | Capacity | Status / Notes |
|---|---|---|
| JC2 | 22 MW | Opened in 2023 |
| JC3 | 120 MW | $1bn campus, broke ground Nov 2024, first phase target Q4 2026 |
| JC4 | 240 MW | Site acquired (106,217 sq m), planned for four 60MW buildings |
Beyond Indonesia, PDG is actively growing its platform. The company plans to raise up to $5 billion in debt this year, building on $2.5 billion raised in 2025. It is also exploring market entry in Australia, having appointed a general manager there in September. PDG is in talks to acquire a 300-megawatt site in Melbourne's Yarraville for about A$300 million, with a Warburg Pincus fund leading the bid. The company continues to develop its JC2, JC3, and JC4 hyperscale campuses in Greater Jakarta to serve growing cloud and enterprise demand.
