The manager of Digital Core REIT (DC REIT) has acquired an additional 10% interest in Digital Osaka 2 TMK. Digital Osaka 2 TMK holds the data centre located at 6-chome, Ao-kita, Saito, Minoh-city, Osaka, Japan.
The share purchase agreement (SPA) was entered into between the REIT manager’s wholly-owned subsidiary, Digital CR Singapore 4 Pte. Ltd., Japan Branch, and a third-party vendor, Mitsubishi Corporation, on March 29. The acquisition was completed on the same day.
The consideration for the 10% stake is JPY7.73 billion ($68.9 million). It is based on the agreed value of JPY77.25 billion. It takes into account the estimated net assets and liabilities of Digital Osaka 2 TMK as at the date of closing.
The data centre is a freehold fully-fitted facility located in Osaka, Japan. It comprises 114,940 net rentable sq ft as at Dec 31, 2023. According to the REIT manager, it is 95% occupied and is mainly leased to leading global cloud providers.
The total acquisition outlay is expected to cost the REIT JPY7.83 billion, including fees and the consideration.
The data centre’s existing asset manager is MC Digital Realty, Inc. Mitsubishi Corporation holds a 50% stake in the asset manager while a wholly-owned subsidiary of Digital Realty Trust, L.P. holds the remaining 50%.
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According to the REIT manager, the acquisition will expand its presence in a top-tier global data centre market characterised by robust, diverse and durable customer demand.
Units in Digital Core REIT closed at 60 US cents on March 28.
