Iron Mountain Incorporated (NYSE:IRM) announces the formation of a ~€300M JV with an affiliate of AGC Equity Partners, a London-based global alternative asset manager.
The companies will design and develop a 280k sq. ft., or 27 megawatt, hyperscale data center currently under development in Frankfurt, Germany.
AGC will own an 80% equity interest and Iron Mountain will own a 20% equity interest in the Venture.
Debt financing for the Venture is expected to close in the Q420, with proceeds expected to fund a portion of the planned development and construction costs.
IRM will earn various fees, including property management and construction and development fees for services provided to the Venture, all of which will be recorded as revenue in IRMs reported financial statements as earned.
The project is expected to be completed by Q2'22.
