Sabey Corp. and National Real Estate Advisors, LLC Close $50M Capital Investment from Wells Fargo
The investment is part of $320 million raised with Sabey Data Center Properties in 2021
Washington, D.C. (July 28, 2021) – Sabey Corporation and National Real Estate Advisors, LLC (National), announce the closing of a new $50 million investment by Wells Fargo Real Estate Capital Investments, LLC. Wells Fargo has invested through National, which is acting as the investment manager, and this $50 million investment is part of $320 million in capital raised by National in 2021, supporting the growth of Sabey Data Center Properties LLC (SDCP).
"We are pleased to partner with Wells Fargo to continue expanding our nationwide data center footprint," said Dave Sabey, Chairman & President, Sabey Corporation. "Demand for digital capacity will continue to increase and, through our strategic partners, we are poised to meet that demand."
“Wells Fargo is excited for this unique opportunity to invest with National and Sabey, two highly-valued and long-tenured Commercial Real Estate clients”, said Sean Barlas, Head of Real Estate Merchant Banking at Wells Fargo. “SDCP built an attractive portfolio of high-quality assets in top markets which provide both stability and growth.”
“Sabey is a leading data center operator and developer with a proven track record,” said Renee Logan, Managing Director, Real Estate Banking at Wells Fargo. “We’re excited to expand our 20-plus year relationships with both Sabey and National with an investment in an attractive asset class that will help enable SDCP’s future success.”
SDCP is one of the largest and greenest privately-held data center owner/developer/operators in the United States, as well as the sole data center ABS master trust platform with an S&P A+ credit rating.
"This transaction signifies a further strengthening of the already strong relationships enjoyed by Wells Fargo, SDCP and National,” said Jeffrey Kanne, President and CEO of National. "As the nation reopens post-pandemic, there is unstoppable momentum towards economic and social digitization, creating tremendous demand for secure and reliable data storage. We are very pleased to welcome Wells Fargo into this very exciting sector."
“We’re thrilled to deepen our relationship with National in new and exciting ways with this equity investment in the data center space,” said Bill Jordan, Managing Director, Real Estate Banking at Wells Fargo. “Above all else, we relish the opportunity to invest alongside Sabey and National, as they are high-quality organizations with a proven track record of success in digital infrastructure investments.”
For more information about National's investment strategy, visit www.natadvisors.com.
ABOUT SABEY CORPORATION AND SABEY DATA CENTER PROPERTIES
Sabey Corporation is a fifty-year old privately held Seattle-based real estate development company specializing in mission critical and other technical space and the parent of Sabey Data Center Properties. With a portfolio of more than three million square feet of mission critical space, and control of approximately 300 MWs, SDCP is one of the largest privately-owned multi-tenant data center owner/developer/operators in the United States. SDCP specializes in scalable, custom-built solutions including data center ready shell space and fully turnkey data centers managed by SDCP’s award-winning critical environment staff. Consistently recognized for low-cost hydroelectric power, operational excellence through its world-class data centers and sustained uptime, SDCP is proud to provide data center services to many of the world’s top financial, technology and healthcare companies.
ABOUT NATIONAL REAL ESTATE ADVISORS, LLC
National Real Estate Advisors, LLC is an investment manager specializing in a build-to-core strategy, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed use, industrial (including data centers), and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About Wells Fargo Corporate & Investment Banking
Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. A trusted partner to our clients, we provide corporate and transactional banking, commercial real estate lending and servicing, investment banking, equity and fixed income solutions including sales, trading, and research capabilities to corporate, commercial real estate, government, and institutional clients across the globe. Our office locations span the Americas, Europe, and Asia-Pacific.
ABOUT WELLS FARGO
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
Managing Director | Collins + Co.