American Tower, Stonepeak Form JV for New Denver Data Center
Stonepeak, an alternatives firm focused on infrastructure and real assets, has entered a joint venture with American Tower subsidiary CoreSite to develop, construct and operate an 18-megawatt data center in Denver, CO.
Stonepeak is expected to hold 85% of the equity of the CoreSite DevCo JV, with CoreSite holding the remaining 15% interest. CoreSite will operate the new data center, DE3, which is expected to cost $250 million to develop and will be the third data center asset in its Denver platform once constructed. The company operates 28 facilities across 11 U.S. markets and has built a presence in the Denver market over the past decade.
The investment is being made primarily through the Stonepeak Opportunities Fund, which targets both control and structured capital solutions across North America and Europe.
American Tower operates a data center platform through its investment in CoreSite, in which Stonepeak holds an approximately 29% interest having invested in the platform in 2022.
“We believe the CoreSite DevCo JV will immediately benefit from CoreSite’s leading interconnection platform in the fast-growing Denver market through dedicated dark fiber to CoreSite’s existing facilities, which provides DE3 customers with differentiated access to an established ecosystem on day 1,” said Andrew Thomas, senior managing director at Stonepeak.
American Tower, one of the largest global REITs, is an independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites.
