Digital Realty, Prudential Form $369M Data Center Venture

Law360, New York (October 3, 2013, 2:42 PM EDT) -- Data center developer Digital Realty Trust has formed a $369 million joint venture with Prudential Real Estate Investors to launch nine data centers comprising 1 million square feet of space, the companies announced Wednesday.

“We believe this transaction represents an important validation of the appeal of data centers as an asset class to a sophisticated, core real estate investor,” Digital Realty CEO Michael Foust said in a statement.

The centers are almost fully leased and can generate instant cash flow, with $24.5 million expected in 2013....
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