Source: Globe Newswire
EL SEGUNDO, Calif., Sept. 28, 2020 (GLOBE NEWSWIRE) — Landmark Infrastructure Partners LP (the “Partnership” or “Landmark”) (NASDAQ: LMRK) announced today that it has completed the acquisition of a data center portfolio in the Midwest from a market leader in web hosting and managed cloud services. The portfolio includes three data center sites totaling approximately 138,000 square feet and a 5.2 megawatt critical capacity that are fully occupied by the tenant under a 15 year net lease. The acquisition was funded by borrowings from the Partnership’s existing revolving credit facility and is expected to be immediately accretive to Landmark’s adjusted funds from operations (“AFFO”).
“We are extremely pleased to announce this acquisition from a national market leader in its industries,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner. “We believe our Sponsor has built a best-in-class digital infrastructure platform and that effort should continue to benefit the Partnership as it grows its data center portfolio. This purchase represents a partial redeployment of the capital from the recent sale of our European outdoor advertising portfolio and we will continue to look for attractive acquisition opportunities going forward.”
CBRE’s Jordan Thompson and David Saad represented the seller in the transaction.
About Landmark Infrastructure Partners LP
The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising, renewable power generation and digital infrastructure industries.