Digital Realty Trust, a leading global provider of data centre solutions, has announced it has completed the acquisition of 400 South Akard Street, known as The Databank Building, a data centre facility totalling approximately 269,600 sq ft located in Dallas, Texas. The existing facility delivers approximately 11.7 megawatts of critical load, with the ability to expand to up to 18 megawatts.
"The property is currently 85% leased to eight tenants with approximately 85% of the base rental revenue stream secured by long term leases with two tenants through at least 2024," added Scott Peterson, Chief Acquisitions Officer of Digital Realty. "While there is an attractive value add opportunity in building out and leasing the balance of the available space in the building, we expect to achieve attractive returns based on our conservative underwriting, which assumes the property continues to operate at its current occupancy throughout the investment horizon."
Source: PR Newswire