Flexential completes its second sale-leaseback transaction
21m | Antoine Savvas
US data center services company Flexential has entered into a second facility sale and leaseback agreement with Legacy Investing and Invesco Real Estate.
This time around, an agreement will allow a 130,000 square foot expansion of Flexential’s data center in Plano, Texas, more than doubling the capacity of that facility to more than 260,000 square feet. This will bring Flexential’s Dallas market capacity to over 432,000 square feet in total.
The deal follows a sale-leaseback partnership with Legacy Investing and Invesco Real Estate for Flexential’s Hillsboro 3 data center in Portland (pictured) in April of this year.
With growing demand for data center services in Plano and the broader Dallas market, the partnership will allow Flexential to “bring this project to market quickly and efficiently” while providing Legacy and Invesco Real Estate with “excellent investment opportunity, ”the partners said.
Chris Downie, CEO of Flexential, said: “We are committed to continuing to invest in the 38 highly connected data centers of our hybrid IT infrastructure solutions platform and we are delighted that this partnership allows us to achieve. rapid and efficient growth.
Jay Rappaport, CEO and Co-Founder of Legacy Investing, added: “This mutually beneficial partnership is part of our larger focus on data center real estate and will allow Flexential to focus its capital on operations to maximize its yields.
Flexential claims to have a total of 3 million square feet of data center space under its management in 19 markets.