2023年6月30日

上周,日本電信提供商KDDI收購多倫多三個數據中心從盟軍屬性REIT交易價值1.2美元。這是迄今為止最大的一筆交易,第二季度增加交易的北美經過六個月的銷售數據中心資產稀缺性引發的利率上升。數據中心市場專家認為這部分高交易量日益增長的安慰與資產估值和賣家動力轉向卸載為了基金新的發展,但他們很快脾氣任何期望,這些溫和的收益是投資活動的開始返回到創紀錄水平行業看到了一年前。“這不是翻轉一個電燈開關,現在一切都回到早期2022年或2021年的水平”霍爾斯頓Karlton說,執行副總裁的數字基礎設施具有裏程碑意義的紅利。“現在利率有所穩定,產生影響,人們越來越適應今天是什麼價格。“數據中心的銷售資產幾乎停滯在2022年底和今年第一季度。據世邦魏理仕提供的數據,隻有兩個數據中心事務在北美2022年最後三個月:達拉斯附近的一個空設備銷售和CloudHQ收購前聯合健康數據中心在明尼蘇達州90美元。兩筆交易的資金總額僅為138美元。2023年第一季度也看到兩個交易,與黑石集團入股五弗吉尼亞數據中心通過合資和科普特人喜達屋出售一個設施的勞登縣GI的合作夥伴。Bisnow之前報道,突然銷量下滑主要是由缺乏明確引發利率阻止業主把市場上的屬性。更高的利率和伴隨債券市場波動導致低估值數據中心,與買家尋求降低收購成本來維持利潤,因為它變得更昂貴的借款。 Data center owners who may have been looking to unload parts of their portfolios have slammed on the brakes as cap rates climb and potential returns diminish. This volatility made deals difficult to successfully execute. Not only were buyers and sellers finding it more difficult to agree on the value of assets, but the fundamental math underpinning negotiations could shift significantly with the cost of capital over the course of a negotiation. But while interest rates remain high and further hikes remain a possibility, the number of data center transactions has also crept upward over the past three months. There have been five data center transactions in North America this quarter in deals valued at $2.42B, according to CBRE — more trades than occurred in the preceding six months. This includes large portfolio sales like KDDI’s Toronto acquisitions and GI Partners $700M purchase of two Chicago-area data centers from Digital Realty . Why has there been an increase in sales volume even as interest rates remain high? Part of the equation, experts say, is that buyers and sellers now have more clarity when it comes to valuations that were in flux a few months ago. Meanwhile, some sellers have adjusted their expectations to the reality that their assets won’t fetch the kind of prices they may have at this time last year. “Sellers had a hard time wrapping their heads around decreased valuations,” Landmark Dividend’s Holston said. “It’s tough to make the adjustment that they had to earlier this year and get comfortable with where things stood from a few months earlier after such a huge uplift in interest rates.” Also driving the bump in deal volume, experts say, is the fact that some of the world’s largest data center owners are hoping to fund new development by selling off existing assets. Data center giant Digital Realty, faced with a declining stock price and rising debt load, is the most prominent firm to embrace so-called capital recycling to fund growth. Indeed, the strategy has yielded some of the quarter's largest transactions as the REIT sold a pair of Illinois data centers to GI Partners for $700M and sold a Houston data center to the building’s tenant, Databank , for $151M.