APPOINTS STEWART AND TITH AS NEW CHIEF OFFICERS
Global cloud- and carrier-neutral data center provider Digital Realty, has today announced the launch of a new data center company Digital Core REIT with data center assets across the U.S. and Canada.
Valued at $1.4 billion, Digital Core REIT is now listed as a standalone publicly traded company on the Singapore Exchange, having a portfolio of 10 assets concentrated in data center markets across the U.S. and Canada.
Digital Realty contributed a 90% ownership stake to Digital Core REIT and retains a 10% direct ownership interest in each of the assets in the initial IPO portfolio. Digital Realty now externally manages Digital Core REIT, and as specified, Digital Realty will earn fees for asset and property management as well as acquisitions, dispositions and development.
“We are thrilled by the successful launch of this new vehicle, which is ideally positioned to help Digital Realty create value by providing a perpetual capital partner for core assets, while acting as an extension of our global platform and enabling customers to continue to rely on Digital Realty’s track record of operational excellence,” said A. William Stein, Chief Executive Officer of Digital Realty,
“We have a strong presence in Singapore, which is home to our APAC regional headquarters as well as our flagship facility in Jurong and two recently completed projects in Loyang. We are pleased to be able to offer our global data center expertise to a broader audience of regional investors seeking exposure to core data center investment opportunities.”
For the management of the new company, John Stewart, who previously served as Senior Vice President, Investor Relations, Tax & Treasury for Digital Realty, has now been appointed as Chief Executive Officer of Digital Core REIT while Daniel Tith, who previously served as Head of EMEA Finance for Digital Realty, is now appointed to serve as Digital Core REIT’s Chief Financial Officer.
As announced, Digital Core’s initial portfolio is fully leased to large and growing customers with an average remaining lease term of over six years.