LEGACY INVESTING AND INVESCO REAL ESTATE EXPAND
DATA CENTER PORTFOLIO WITH SALE-LEASEBACK OF FLEXENTIAL’S PLANO, TEXAS FACILITY AND HILLSBORO 3 DATA CENTER
JV Provides Real Estate Capital Solutions to Data Center Operators
Plano, TX/Portland, OR/Arlington, VA – (August 5, 2021) – Legacy Investing, a commercial real estate investment firm focused on technology-driven properties, in a joint venture with Invesco Real Estate, a global leader in real estate investment management, announced today the close of their second sale-leaseback transaction with Flexential Corp., a leading provider of data center colocation, cloud, and connectivity services, for their 18MW data center in Plano, Texas. This follows the recent sale-leaseback for the construction of Flexential’s Hillsboro 3 data center outside Portland, which Legacy and Invesco completed in April.
“These acquisitions are part of Legacy’s broader focus on partnering with data center operating companies, enabling them to monetize their real estate-related assets, including funding construction, so they can concentrate their capital on operations and thereby maximize their returns,” said Legacy Investing CEO and co-founder Jay Rappaport.
“We are pleased to continue expanding our data center footprint into a new market for Invesco Real Estate. Our continued collaboration with Legacy and Flexential is representative of our growing commitment to the data center sector. We look forward to significantly growing these important relationships in the future,” said Joshua Siegel, Managing Director, Transactions, Invesco Real Estate.
"We are pleased to be partnering with Legacy Investing and Invesco Real Estate on another transaction," said Chris Downie, CEO, Flexential. "These transactions allow Flexential to continue to invest in the 38 highly connected data centers included in our platform of hybrid IT infrastructure solutions. Most notably, this partnership enables our ability to expand at an even faster rate to satisfy accelerated customer demand in the hypergrowth markets included in our 19-market portfolio." The Plano data center is a state-of-the art, Tier III certified facility being expanded by 130,000 square feet to over 260,000 square feet with up to 18MW of capacity.
The prior Flexential Hillsboro 3 transaction has enabled Flexential to expand its Hillsboro campus by an additional 358,000 square feet and 36 MW with direct connection to multiple transpacific subsea cables, a critical U.S. point of presence accessible via the Flexential Hillsboro data center campus.
The acquisitions are consistent with Legacy's broader strategy as a capital partner on mission critical assets across industrial and life sciences. Legacy has also recently closed transactions on facilities for tenants including Baxter International, Sanofi, Select Comfort, Cogent, IQVIA, PNC Bank, and others.
About Legacy Investing, LLC Headquartered in Northern Virginia and founded by seasoned technology company executives, Legacy Investing focuses on mission critical real estate impacted by new technologies: digital and physical supply chains, future workplaces, and life sciences. Legacy’s principals have leveraged this platform and their public company C-level experience across the past two decades to complete more than $2.75 billion in transactions across 19 million square feet of data centers, e-commerce distribution centers, cold storage, modern office buildings, and life sciences facilities on behalf of select family office and institutional investors. Legacy leverages its expertise on technology’s impact on tenant demand, site selection, and leasing to target and position properties to meet those needs and create long-term real estate value. For more information, see www.LegacyInvesting.com.
About Invesco Real Estate Invesco Real Estate is a global leader in the real estate investment management business with $83.2 billion in real estate assets under management, 588 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Flexential Flexential empowers the IT journey of the nation's most complex businesses by offering flexible and tailored hybrid IT solutions comprised of colocation, cloud, connectivity, data protection, managed, and professional services. The company builds on a platform of three million square feet of data center space in 19 highly connected markets, and on the FlexAnywhereTM 100GB private backbone to meet the most stringent challenges in security, compliance, and resiliency. See how Flexential goes beyond the four walls of the data center to empower IT through an interactive map found on www.flexential.com. Flexential is a registered trademark of the Flexential Corp. Follow Flexential on LinkedIn, Twitter, and Facebook. ###