September 18, 2019
San Francisco-based Digital Realty entered into definitive agreements with affiliates of Mapletree Investments Pte Ltd and Mapletree Industrial Trust for the sale of a portfolio of 10 Powered Base Building data centers, and will form a JV on three existing Turn-Key Flex hyper-scale data centers. The transactions are valued at roughly $1.4 billion.
Mapletree Investments and Mapletree Industrial Trust will acquire the Powered Base Building portfolio from Digital Realty for roughly $557 million. These 10 properties are fully-leased and are expected to generate 2020 cash NOI of roughly $37 million, representing a 6.6% cap rate.
Separately, an entity jointly owned by Mapletree Investments and Mapletree Industrial Trust will purchase an 80% interest, and Digital Realty will retain a 20% interest, in a JV on three fully stabilized hyper-scale facilities located in Ashburn, VA. Mapletree Investments and Mapletree Industrial Trust will acquire its 80% stake for roughly $811 million, valuing these three assets at roughly $1 billion.
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