Sentinel Data Centers has confirmed that it has completed its previously announced $490 million sale of two facilities to CyrusOne Inc. The two multi-tenant data centers included in the transaction are located in Somerset, NJ and Durham, NC. Sentinel will retain the remainder of its portfolio, which includes single-tenant data centers in Memphis, Tennessee, and Rockland County, New York, as well as additional minority investments in the sector.
In a joint statement, co-founders and co-CEOs Todd Aaron and Josh Rabina said, "We are grateful for the top notch partners, investors, employees and customers who have contributed so significantly to our success over the past 15 years since we started Sentinel. We continue to seek new opportunities as the industry evolves and look forward to both furthering these relationships and building new ones for years to come."
In addition to its founders, major Sentinel investors include Kelso & Company and Russo Development. Hank Mannix of Kelso said, "Josh and Todd are outstanding executives who have developed best-in-class assets distinguished by industry leading reliability and service. We are thrilled to have shared such a successful partnership with them during the past six years and look forward to continuing our relationship in the future."
Sentinel was advised in the transaction by DH Capital and Skadden, Arps, Slate, Meagher & Flom LLP. "It was a pure pleasure to work with Sentinel and Kelso on this transaction," said Howard Loewenberg, partner of DH Capital. "Todd, Josh and the rest of the Sentinel executive team and their investors have built an exceptional business and their blue chip enterprise customers and top-tier quality data center campuses will be an excellent addition to the CyrusOne platform."