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Equinix to Acquire Massive Infomart Dallas Bldg for $800 Million

Sale of 1.6 Million-SF Building Expected to Close in Q2
February 14, 2018
Washington, D.C.-based real estate investment manager ASB Real Estate Investments (ASB) has agreed to sell the massive, 1.6 million-square-foot Infomart Dallas to data center operator Equinix, Inc. for $800 million.

ASB, today announced the definitive agreement to sell the interconnection hub at 1950 N. Stemmons Fwy to Equinix for cash and debt securities to be paid out to ASB over 36 months following the anticipated closing of the transaction during the second quarter.

The deal allows Redwood City, CA-based Equinix to expand its reach in Dallas, a key data center hub. The building already contains four Equinix IBX data and colocation facilities, which provide security and operational reliability for mission-critical enterprise data.

ASB Capital, a real estate investment management firm with $7.7 billion in gross assets under management, sold the property on behalf of its $7.4 billion Allegiance Fund core real estate investment vehicle.

DH Capital served as the exclusive financial advisor and DLA Piper LLP acted as legal advisor for ASB. ASB, an early institutional investor in data center properties, purchased Infomart in 2005 and expanded its capacity to 110 carriers with major tenants that include Equinix, Bank of America and Verizon.

ASB Real Estate Investments’ President and CEO Robert Bellinger said the company "saw the opportunity to realize gains for our investors while rebalancing our diversified real estate portfolio in line with allocation targets." With the structured pay out, ASB will maintain a stake in the data center for at least three years.

The company invests in major urban markets across the U.S., in office, multifamily, retail and industrial assets. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing. It also manages the ASB Meridian Real Estate Funds, a series of low-leverage value-creation vehicles; and a separate account development firm.
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