Stonepeak Forms Joint Venture with American Tower to Construct a New Data Center in Denver, Colorado
31 Julio 2024 - 10:41AM
Business Wire
Stonepeak, a leading alternative investment firm specializing in
infrastructure and real assets, today announced that it has
executed definitive documentation with American Tower (NYSE:AMT)
subsidiary CoreSite to form a new joint venture (“CoreSite DevCo
JV”) to develop, construct, and operate an 18 megawatt (“MW”) data
center in Denver, Colorado (“DE3”), with CoreSite operating DE3.
Stonepeak is expected to hold 85% of the equity of the CoreSite
DevCo JV, with CoreSite holding the remaining 15% ownership
interest. The investment is being made primarily through the
Stonepeak Opportunities Fund, which targets both control and
structured capital solutions across North America and Europe.
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American Tower operates a leading North American
interconnection-focused data center platform through its investment
in CoreSite, in which Stonepeak holds a minority interest having
invested in the platform in 2022. CoreSite operates 28 facilities
across 11 U.S. markets and has built an established presence in the
growing Denver market over the past decade, operating the primary
carrier hotel in this key interconnection hub. DE3 is a new, 18 MW
purpose-built data center to be constructed on a modular basis over
three 6 MW phases, for a total estimated development cost of over
$250 million. The campus will be situated on owned land in downtown
Denver, located less than 3.5 miles from CoreSite’s existing DE1
and DE2 facilities, and will be the third data center asset in
CoreSite’s Denver platform once constructed.
Andrew Thomas, Senior Managing Director at Stonepeak, said, “We
are excited to continue our long-term partnership with the American
Tower and CoreSite teams to help accelerate investment behind key
digitalization tailwinds. We believe the CoreSite DevCo JV will
immediately benefit from CoreSite’s leading interconnection
platform in the fast-growing Denver market through dedicated dark
fiber to CoreSite’s existing facilities, which provides DE3
customers with differentiated access to an established ecosystem on
Day 1.”
Steven Vondran, American Tower’s President and Chief Executive
Officer, added, “We are pleased to continue our partnership with
Stonepeak in our U.S. data center platform, with the formation of a
new joint venture to construct a new data center in the growing
Denver market. The CoreSite DevCo JV enables us to strategically
execute on key growth opportunities by expanding our data center
campus model in the region and create value by capitalizing on
demand tailwinds as the primary interconnection hub in Denver.”
Sidley Austin LLP is serving as legal advisor to Stonepeak.
Cleary Gottlieb Steen & Hamilton LLP is serving as legal
advisor to American Tower, who is also being advised by Sullivan
& Worcester LLP with respect to certain REIT and tax
matters.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing
in infrastructure and real assets with approximately $71.2 billion
of assets under management. Through its investment in defensive,
hard-asset businesses globally, Stonepeak aims to create value for
its investors and portfolio companies, with a focus on downside
protection and strong risk-adjusted returns. Stonepeak, as sponsor
of private equity and credit investment vehicles, provides capital,
operational support, and committed partnership to grow investments
in its target sectors, which include communications, energy and
energy transition, transport and logistics, and real estate.
Stonepeak is headquartered in New York with offices in Hong Kong,
Houston, London, Singapore, and Sydney. For more information,
please visit www.stonepeak.com.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of over 224,000
communications sites and a highly interconnected footprint of U.S.
data center facilities. For more information about American Tower,
please visit the “Earnings Materials” and “Investor Presentations”
sections of our investor relations hub at
www.americantower.com.
About CoreSite
CoreSite, an American Tower company (NYSE: AMT), provides hybrid
IT solutions that empower enterprises, cloud, network, and IT
service providers to monetize and future-proof their digital
business. Its highly interconnected data center campuses offer a
native digital supply chain featuring direct cloud onramps to
enable its customers to build customized hybrid IT infrastructure
and accelerate digital transformation. For more than 20 years,
CoreSite’s team of technical experts has partnered with customers
to optimize operations, elevate customer experience, dynamically
scale, and leverage data to gain competitive edge. For more
information, please visit www.coresite.com.
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Stonepeak Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com +1 (646) 540-5225 American
Tower Adam Smith Senior Vice President, Investor Relations and
FP&A investor.relations@americantower.com +1 (617) 375-7500
CoreSite Megan Ruszkowski Vice President of Marketing and
Sales Development Megan.Ruszkowski@CoreSite.com +1 (720)
446-2014