GI Partners has two new data centers which they obtained, both fully leased to strong tenants. Beginning this month, GI Partners acquired Lightwave Corporate Center, a data center and office property which is fully leased to cloud and managed services provider American Internet Services, and San Diego Gas & Electric Co. GI Partners then followed it up with the acquisition of Liberty Park at Tysons in Northern Virginia, a property that is occupied by the GSA on a long term lease. Both acquisitions have provided regular rental
income streams to GI’s portfolio for several years to come through high quality tenants. Liberty Park was purchased by means of
TechCore while Lightspeed was purchased by means of DataCore.
These acquisitions signify a continued shift from GI Partners’ entry into the data center sector in 2001. Back in the time, the data center industry was entering a long slump with an oversupply of space. When the Internet market crashed, companies who had overbuilt ended up with depression. GI Partners acquired many of these properties, slowly filling them up with tenants and developing the unfinished space. In the past ten years, data centers have turned into a new asset class, to the point where TechCORE and DataCORE funds can now focus on stable income properties with fixed leases. These acquisitions are the best examples of the robust state of the data center industry. The smart money is invested where the potential is, and right now, the industry is secure enough that these leased properties are exceptionally alluring.
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