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Digital Realty, Prudential Reveal $369M JV

SAN FRANCISCO-Digital Realty seeded the JV with nine Powered Base Building data centers totaling 1.06 million square feet and valued at approximately $366.4 million.

By Natalie Dolce | Updated on October 02, 2013

SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Digital Realty Trust Inc. has formed a $369-million joint venture with an investment fund managed by Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial. 

Digital Realty seeded the joint venture with nine Powered Base Building data centers totaling 1.06 million square feet and valued at approximately $366.4 million (excluding $2.8 million of closing costs), or $346 per square foot.  The properties are expected to generate cash net operating income of approximately $24.5 million in 2013, representing a 6.7% cap rate. 

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