Carter Validus Trades $1B of Data Centers

Carter Validus Mission Critical REIT acquired 180 Peachtree, one of 14 data centers in the portfolio, in 2012.

TAMPA, FL—Carter Validus Mission Critical REIT Inc., which specializes in purpose-built properties in the healthcare and data center sectors, said Tuesday it had struck two purchase and sale agreements with a combined value of more than $1 billion. The non-traded net lease REIT has agreed to sell a Chicago-area facility to Digital Realty for $315 million, and separately it has signed a deal to sell a 14-property portfolio to a joint venture of Mapletree Investments Pte Ltd. (MIPL) and Mapletree Industrial Trust (MIT) for about $750 million.

For Singapore-based MIT, the JV deal represents its entry into the US commercial property market. CEO Tham Kuo Wei notes that it’s in keeping with his company’s mission to expand its data center holdings beyond Singapore, and that it will also more than double data centers’ share of its total global portfolio from 6.7% to 16%. MIT holds 40% of the JV while MIPL, its sponsor, controls the remaining 60%.