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Realty Income is anchoring a programmatic joint venture with Cloud Capital and an undisclosed global institutional investor to acquire hyperscale data centers, with a three-asset Northern Virginia seed portfolio valued at more than $6 billion.
The net-lease real estate investment trust expects to commit up to $1.4 billion for a 45% equity stake in the venture. The partners plan to close on one stabilized asset from that initial portfolio in the third quarter.
What "Programmatic" and "Hyperscale" Mean A hyperscale data center is a facility built at the scale and specification demanded by major technology companies — large-footprint buildings designed to run cloud services and artificial intelligence workloads.
"Programmatic" joint venture means the three parties are not buying a single property and walking away; they are establishing a platform and an agreed process for making additional acquisitions together over time.
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