Blackstone-affiliated funds led by Infrastructure, Real Estate and Tactical Opportunities have agreed to establish a joint venture with Digital Realty to develop four hyperscale data center campuses across three metro areas on two continents.
The developments are expected to support about 500 megawatts (MW) of total IT load upon full build out of all campuses. Blackstone will acquire an 80 percent ownership interest in the joint venture for about $700 million of initial capital contributions, while Digital Realty will maintain a 20 percent interest. Subsequent to closing, the joint venture parties will fund their pro-rata share of the remaining development costs. Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.
The four hyperscale data center campuses are located in Frankfurt, Paris and Northern Virginia and have a total estimated development cost of about $7 billion during the nex
