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Digital Realty Spending $105M in Germany, Switzerland

SAN FRANCISCO-The locally based owner and manager of corporate data centers and Internet gateways enters separate agreement to acquire the 71%-leased, 1.5-million-sf IBM Technology Park in Mainz, Germany and the fully leased, 60,000-sf Geneva Data Center in Geneva, Switzerland.

By Brian K. Miller | Updated on October 26, 2005

SAN FRANCISCO-Digital Realty Trust Inc. has signed binding agreements to acquire the 1.5-million-sf IBM Technology Park in Mainz, Germany, and the 60,000-sf Geneva Data Center in Geneva, Switzerland, in separate transactions totaling about $105 million. IBM Technology Park is 71% leased and Geneva Data Center is 100% leased. The investments represent a significant expansion of Digital Realty’s technology property in Europe.

IBM Technology Park is about 20 minutes from the Frankfurt International Airport. It is comprised of 11 buildings on an approximately 80 acre campus. IBM Deutschland’s mission critical data center, software development operations and support functions lease on a long-term basis 100% of the park’s 545,000-sf first phase and 45,000 sf in the park’s 955,000-sf second phase. The second phase is 55% leased, according to an 8K on the transaction that Digital Realty filed with the SEC.

Technically, according to the filing, Digital Realty is acquiring 90% of the shares of two Germany-based entities that together own the two phases of the development. The remaining 10% is being acquired by a subsidiary of which Digital Realty owns 94% and Global Innovation Partners LLC owns the remainder. GI Partners is an affiliated entity that owns approximately 40% of Digital Realty on a fully diluted basis.

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