Carter Validus To Sell Certain Data Center Assets For $1.065 Bln - Quick Facts

(RTTNews) - Carter Validus Mission Critical REIT, Inc., a real estate investment trust, announced Tuesday definitive agreements to sell Chicago Data Center for approximately $315 million and a 14-Property Data Center Portfolio for approximately $750 million.

The transactions are expected to close in the fourth quarter of 2017. The transactions are subject to the completion of certain closing conditions, and it is possible that the timing of the closings may be delayed or that the transactions do not close.

In a statement, the company said it signed the definitive purchase and sale agreement with an affiliate of Digital Realty Trust, LP (DLR) to sell a 251,141 square foot data center located on approximately nineteen acres of land in the Chicago, Illinois metropolitan area. The net book value of the Chicago Data Center, including intangible assets recorded upon acquisition of the property, capitalized leasing costs and straight-line rent receivable was approximately $227.30 million at September 30.

Separately, the Company said it has entered into a definitive purchase and sale agreement to sell a 14-property data center portfolio to an affiliate of Mapletree Investments Pte Ltd, a Singapore headquartered real estate investment company and Mapletree Industrial Trust, a Singapore Exchange listed Real Estate Investment Trust.

The net book value of the Portfolio, including intangible assets recorded upon acquisition of the properties and straight-line rent receivable, was approximately $598.40 million at September 30.

Moelis & Company LLC acted as lead financial advisor to the Company.