T5 Data Centers Completes Recapitalization Of T5@Dallas And T5@Portland
The properties will remain under the T5 brand as part of the company’s portfolio.
T5 Data Centers has announced the completion of an equity recapitalization of T5@Dallas and T5@Portland facilities with an investment from ICONIQ Capital, LLC. Terms of the transaction were not disclosed.
Located in the key Dallas and Portland metropolitan areas, both properties are 100% leased and will continue to be operated and managed by T5. The properties will remain under the T5 brand as part of the company’s portfolio of nine data centers across a nationwide footprint and T5 will continue to hold a meaningful ownership stake in the properties.
“We are excited to begin this strategic relationship with ICONIQ,” commented Pete Marin, president & chief executive officer for T5. “The recapitalization of equity at T5@Dallas and T5@ Portland marks an important milestone for the Company and demonstrates our ability to attract the highest caliber capital partners as we continue to grow our portfolio of top tier data centers nationwide.”
“The T5 team has an exceptional track record operating world class data centers and servicing blue chip customers with their strategically located industry leading facilities,” said John Sauter, managing director of real estate at ICONIQ Capital. “We are pleased to have the opportunity to invest in these premier assets and we look forward to partnering with T5 to meet the critical demand needs of the Dallas and Portland areas that are being driven by new and emerging technologies and the ubiquity of cloud-based connectivity.”
Cushman & Wakefield and Moelis & Company LLC acted as financial advisors to T5 in connection with the transaction. CIT Bank, N.A. agented a credit facility and HFF advised on the debt placement for ICONIQ Capital.