NY-based investment firm Stonepeak has agreed to buy a $2.5B stake in American Tower's US data center portfolio, which represents about 29% of the portfolio, valued at about $10.5B.
According to American Tower CEO Tom Bartlett, the deal, in which American Tower will retain managerial and operational control of the properties, is part of equity financing for the REIT's $10.1B acquisition in November of the CoreSite REIT.
The REIT's data center portfolio encompasses 27 data centers spread across 10 US markets, including 25 data centers that came from the CoreSite acquisition.
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