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Equinix Inc. has entered into an agreement to purchase Infomart Dallas, its operations and tenants from ASB Real Estate Investments.
The global interconnection and data center company will make the acquisition of the 1.6M SF property in Uptown Dallas through an $800M debt and cash transaction. The property has 45 tenants — Equinix is 40% of the property's lease revenues.
The deal includes a land parcel adjacent to the Infomart Dallas for future development.
In 2017, Dallas was the second-most-active data center market behind the northern region of Virginia, delivering 51 megawatts of capacity, according to CBRE research.
"As Dallas becomes an increasingly strategic North American interconnection hub for businesses making the shift to digital, the acquisition of the Infomart will enable existing and new customers to scale their operations with Equinix. This includes a rich portfolio of interconnection options, including on-demand connections to partners and infrastructure in any Equinix location globally through the new capabilities of Equinix Cloud Exchange Fabric,” Equinix President, Americas, Karl Strohmeyer said in a statement.
The financials will break down into $31M cash considerations and $750M of senior unsecured notes issued to ASB at varying maturities over 36 months after closing.
About 50 Infomart employees and contractors, primarily in the operations functions of the acquired facility, will become Equinix employees or contractors.
The deal is expected to close midway through the year.
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