Stonepeak has executed definitive documentation with American Tower subsidiary CoreSite to form a new joint venture (CoreSite DevCo JV) to develop, construct and operate an 18-megawatt data center (DE3) in Denver, with CoreSite operating DE3.
Stonepeak is expected to hold 85 percent of the equity of the CoreSite DevCo JV, with CoreSite holding the remaining 15 percent ownership interest. The investment is being made primarily through the Stonepeak Opportunities Fund, which targets both control and structured capital solutions across North America and Europe.
DE3 is a new, 18-megawatt purpose-built data center to be constructed on a modular basis over three 6-megawatt phases, for a total estimated development cost of more than $250 million. The campus will be situated on owned land in downtown Denver, loca