Naver Cloud has signed a leasing agreement to take up space at the LG CNS-operated Jukjeon Data Center in Seoul, South Korea.

As reported by ChosunBiz, the colocation contract is expected to last around eight years, expiring in May 2033.

The value of the deal has not been disclosed, though the CB report estimates it will reach "several hundred billion won."

The contract will expand Naver Cloud's data center resources, with the Korean company also operating six cloud regions in the country and owning three "Gak" data center sites.

An LG CNS official said: "This contract is one of the super-large contracts signed in the data center industry this year," adding, "It is another case that proves LG CNS's technology and operational capabilities as a leading company in the data center market."

The Jukjeon Data Center is the result of a joint venture between Canada Pension Plan Investment Board (CPP Investments) and Pacific Asset Management.

LG CNS was selected to operate the facility, which will span 99,070 sqm (1 million sq ft) and consist of four above-ground floors and four below-ground floors to provide commercial space for cloud service providers, ITSPs, and other IT companies. Construction began in March 2022, with an initial planned completion date of 2024.

According to CB, one of the two data center buildings was completed in December 2024, and the second should be completed in September 2025.

Kakao Bank is also setting up shop in the Jukjeon Data Center, planning to establish a second disaster recovery center at the facility.

Beyond the expansion in South Korea, Naver Cloud is growing its presence globally. The company currently has cloud regions in Japan, Germany, Singapore, and the US (West Coast), and future regions are planned in the US (East Coast), Vietnam, Taiwan, and Thailand. It previously exited Hong Kong.

Most recently, Naver announced a partnership with Nvidia, Nexus Core Systems, and investment firm Lloyds Capital to build a 500MW AI data center in Morocco, with construction set to begin later this year.