COPT forms two data center shell JVs with Blackstone Real Estate
Corporate Office Properties Trust (COPT) has formed two new joint ventures with entities affiliated with Blackstone Real Estate.
The joint ventures acquired a 90 percent interest in five single-tenant, data center shell properties totaling approximately 1.1 million square feet and valued at $278 million.
The acquisition was executed through two separate transactions occurring in mid-December and early January. COPT received approximately $250 million of proceeds, which it will deploy to fund the equity required for its development pipeline. With these closings, the company does not anticipate the need to raise any additional equity capital in 2023.