A value-add and opportunistic real estate secondaries fund managed by Landmark Partners has made a $50m (€45.8m) equity investment in a US data centre campus recapitalisation deal.
IPE Real Asset understands that Landmark Partners, an Ares company, has recapitalised a four-building data centre complex in Portland, Oregon for $82.4m with the support of its Landmark Real Estate Fund IX fund.
Ares, which finalised the recapitalisation prior to leasing 58MW of capacity to tenants, said a major tenant in the complex is a triple A-rated “big tech” company.
As previously reported, Landmark Partners seeks to raise $3.5bn for Partners IX to make secondary investments in various types of real estate and real estate-related entities, including taking limited partnership positions in existing funds.
Data centres are the second-largest property asset class in Landmark Fund IX, accounting for 21% of its total assets. This is surpassed only by industrial properties at 38%.
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