COLUMBIA, MD – Corporate Office Properties Trust has sold 100% of COPT DC-6, the firm's only asset in its Wholesale Data Center reporting segment, for $222.5 million.
The company sold the data center to an investment vehicle managed by Cloud Capital, a CloudHQ affiliate company.
COPT will use the proceeds of the sale to fund its 1.8 million square feet of development projects that were 94% leased on September 30, 2021. The REIT had no debt on the asset.
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"We are pleased to transfer DC-6 to the Cloud Capital team, whose extreme professionalism supported a smooth underwriting process and imbues us with confidence that our tenants will be well-served," states Stephen E. Budorick, president and CEO of COPT.
Budorick adds, "Furthermore, this sale provides our company with cost-effective equity capital to fund our highly successful and value accretive development pipeline, simplifies our corporate profile by removing the only multi-tenant data center from our portfolio, and further concentrates our capital allocation to defense/IT Locations."
"We are pleased to have worked with the COPT team on this transaction and are excited to add the DC-6 facility to the Cloud Capital portfolio," says Hossein Fateh, CEO and founder of Cloud Capital. "Northern Virginia is the largest data center market in the world and continues to see high levels of tenant demand. Our highly skilled team, with a proven track record of successfully managing data center investments, will be looking to add value through various asset management initiatives in the short and medium term. In addition, we are actively looking at several interesting acquisition opportunities in the US and internationally which we are excited about."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
