Stonepeak has teamed up with American Tower’s North American data centre platform to develop a $250m (€231m) data centre campus in the US.
The infrastructure fund manager has formed a joint venture (JV) with CoreSite to construct and operate the 18MW DE3 data centre in Denver, Colorado.
The Stonepeak Opportunities Fund, which invests in mid-market infrastructure assets across North America and Europe, is expected to hold an 85% stake in the CoreSite DevCo JV, with CoreSite owning the remaining 15% interest.
DE3 will be constructed on a modular basis over three 6MW phases and will be situated less than 3.5 miles from CoreSite’s existing DE1 and DE2 facilities.
NYSE-listed American Tower owns North American data centre platform CoreSite. Stonepeak, which invested in the platform in 2022, holds a minority stake.
Andrew Thomas, senior managing director at Stonepeak, said: “We are excited to continue our long-term partnership with the American Tower and CoreSite teams to help accelerate investment behind key digitalisation tailwinds.
“We believe the CoreSite DevCo JV will immediately benefit from CoreSite’s leading interconnection platform in the fast-growing Denver market through dedicated dark fibre to CoreSite’s existing facilities, which provides DE3 customers with differentiated access to an established ecosystem on day one.”
Steven Vondran, American Tower’s president and CEO, said: “We are pleased to continue our partnership with Stonepeak in our US data centre platform, with the formation of a new joint venture to construct a new data centre in the growing Denver market.
“The CoreSite DevCo JV enables us to strategically execute on key growth opportunities by expanding our data centre campus model in the region and create value by capitalising on demand tailwinds as the primary interconnection hub in Denver.”
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