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Last Updated on 25th June 2024
A collaboration between Digital Realty and Realty Income will construct two build-to-suit data centers in Northern Virginia. The total development cost for the first phase of the project is USD 400 million. Under the agreement Realty Income has invested approximately USD 200 million to acquire 80% equity interest while Digital Realty has invested USD 50 million to acquire 20% equity interest. Each Partner will proportionally fund the remaining USD 150 million in development costs for the first phase of the project. The data center facility project is slated for completion in mid-2024.
The two build-to-suit data centers commenced construction in the fourth quarter of 2022 and it will deliver 16 MW of initial data center capacity. The joint venture is considering an option to expand the project capacity to 48 MW during the initial lease term. This will increase the budget to USD 800 million.
Digital Realty CEO Andy Power stated that the joint venture will support their customer’s build-to-suit requirements. He also added that the transaction will diversify Digital Realty’s capital sources. Sumit Roy CEO of Realty Income stated that the transaction will support the development of state-of-the-art facilities located in Northern Virginia. He also added that there is a huge scope since Northern Virginia is the largest data center market in the world.
Digital Realty is a leading global provider of data center and colocation services, with an extensive network of data centers in major metropolitan areas around the world. The company offers a comprehensive suite of data center solutions, including colocation, interconnection, and cloud services, to meet the diverse needs of its customers. Digital Realty's customers include a wide range of enterprises and service providers, including Fortune 500 companies, financial institutions, technology companies, and government agencies. Some of the important projects executed by digital realty include:
Realty Income Corporation is a leading real estate investment trust (REIT) that specializes in acquiring and managing single-tenant commercial properties leased to service-oriented businesses under long-term net lease agreements. The company's properties are primarily located in the United States, with a growing international presence. Realty Income is known for its consistent track record of dividend growth, making it a popular choice among income investors.
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