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Last Updated on 25th June 2024
U.S. investment giant Blackstone and data-center firm Digital Realty will form a joint venture to develop four USD 7 billion hyper-scale data center campuses in the US and Europe. The venture will develop 10 data centers spread across four campuses in Frankfurt, Paris, and Northern Virginia. The four campuses will have a total IT load capacity of 500 MW.
For an estimated initial capital contribution of $700 million, Blackstone will acquire an 80% ownership stake in the joint venture, while Digital Realty will maintain a 20% interest. Following the closing, the joint venture parties will contribute their pro rata share of the remaining development expenses. The joint venture is planning to close the two stages by the first half of 2024.
Andy Power, President and Chief Executive Officer of Digital Realty, stated, “By partnering with Blackstone, Digital Realty is better able to deliver capacity to meet the burgeoning demand of our hyper-scale customers by accessing a deep pool of like-minded private capital." Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.
Digital Realty is a leading global provider of data center, colocation, and interconnection solutions. It owns, operates, and invests in carrier-neutral data centers across the world, offering its customers a secure and flexible platform to scale their digital businesses.
Digital Realty's global platform, PlatformDIGITAL®, offers its customers a trusted foundation for scaling their digital business. The company's Pervasive Datacenter Architecture solution methodology helps customers deploy and manage their IT infrastructure efficiently.
Digital Realty is committed to sustainability and has a goal of achieving net-zero emissions by 2040. The company is also focused on providing its customers with the most energy-efficient data center solutions available.
Digital Realty has many upcoming data center projects across the world, such as:
Blackstone is an American alternative investment management company based in New York City. It is the world's largest alternative asset manager, with over $1 trillion in assets under management as of June 30, 2023. Blackstone invests in a variety of asset classes, including private equity, real estate, credit, and hedge funds.
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