Singapore-based Ascendas Real Estate Investment Trust (AscendasReit) will acquire 11 European data centers for S$904.6 million. The firm will be acquiring the data centers from the subsidiaries of Digital Realty Trust Inc.
The acquisition of the data centers includes four data centers located in the UK, three in Netherlands and France respectively, and one in Switzerland. The company will collectively own a total of 61,637 square meters in land area.
Prior to this investment, Ascendas REIT had invested $0.5 billion. The total acquisition cost of S$960.0 million will be financed with proceeds from the Equity Fund Raising announced on 10 November 2020, debt financing and/or internal cash resources.
According to CBRE, the take-up of colocation data centers outstripped new supply in 2020 across the FLAP (Frankfurt, London, Amsterdam, and Paris) markets as more companies embark on their digital transformation plans. “We see good potential in the data center business and will continue to source and make further acquisitions when opportunities arise,” said William Tay, executive director and CEO of Ascendas Fund Management.
Currently, the firm’s portfolio includes office and industrial properties, logistics and distribution centers, integrated developments, and business and science parks.
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