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Corporate Office sets up data center JV with GI Partners affiliate

CorporateOffice Properties Trust established a 50/50 data center-focusedjoint venture with an affiliate of private investment firm GI Partners.

The unconsolidated venture purchased six of the company'ssingle-tenant data center facilities with an aggregate area of 962,000 squarefeet. It funded about 40% of the assets' value using $60 million of 10-yearmortgages with a 3.4% interest rate. The GI affiliate paid roughly $44 millionfor its interest in the venture.

The transactions generated $104 million in proceeds for theREIT.