Digital Realty, the global provider of cloud- and carrier-neutral data centre, colocation and interconnection solutions, announced it has partnered with GI Partners to establish a joint venture for the sale of a 65% interest in two stabilised hyperscale data centre buildings and their associated equipment in the Chicago metro area. Digital Realty will receive approximately $743 million of gross proceeds related to the joint venture and the associated financing. It will maintain a 35% interest in the joint venture while continuing to manage the day-to-day operations of the assets, providing a seamless customer experience. Digital Realty has also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data centre campus.
“With Digital Realty’s unmatched global footprint and the attractive fundamental outlook for the data centre sector, we are pleased with the strong institutional demand for our high-quality facilities,” said Digital Realty Chief Investment Officer Greg Wright. “This transaction further diversifies Digital Realty’s sources of capital and enhances our capital efficiency in support of our strategic priorities. We are pleased to partner with a data centre investor of GI Partners’ calibre on this initial joint venture, and we look forward to the continued execution of our capital plan for 2023.”
Digital Realty acquired the facilities in 2017 through its merger with DuPont Fabros. The two data centres contributed to the joint venture contain approximately 67 megawatts of IT capacity and are 90% occupied in aggregate, primarily by investment-grade customers.
