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Home > Data Center > Iron Mountain announced $178M sale-leaseback for UK facilities

Iron Mountain announced $178M sale-leaseback for UK facilities

Iron Mountain announced that the company has sold five facilities to Intermediate Capital Group for $178 million.


Erdem Yasar Erdem Yasar
June 28, 2021
1 min read
Iron Mountain announced $178M sale-leaseback for UK facilities

Storage and information management services provider, Iron Mountain announced that the company has sold a portfolio of five facilities to Intermediate Capital Group (ICG) generating gross proceeds of approximately $178 million.

550,000 square feet, $178 million

Barry Hytinen, executive vice president and CFO of Iron Mountain
Barry Hytinen, executive vice president and CFO of Iron Mountain

The transaction, a total of 550,000 square feet, is a sale-leaseback transaction with the facilities located in greater London. The company will remain in these facilities under an initial twelve-year lease term, with the option of an additional 20 years.

The company stated that the transaction is a part of the company’s ongoing capital recycling program. The company also expects to utilize the proceeds to reinvest in higher growth areas of its business. Barry Hytinen, executive vice president and CFO of Iron Mountain said,

“With our strong development pipeline together with highly attractive market valuations for industrial assets, we are pleased to continue our capital recycling program. The sale-leaseback of these assets allows us to generate significant investable proceeds while essentially maintaining long-term control of the facilities. On a leverage neutral basis, we estimate this transaction will generate nearly $140 million of capital, which we intend to invest in higher growth areas, including our data center business.”

See more Data Center News


Tags: Intermediate Capital GroupIron Mountain
Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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