Digital Realty is acquiring Blackstone's 64% equity stake in three fully leased Northern Virginia data centres for $3.5 billion ($1.2B cash + $2.3B in stock), valuing the portfolio at $7.8 billion. The three facilities — two in Manassas and one in Sterling — collectively provide 288 megawatts of IT capacity, all leased to investment-grade hyperscale tenants. The deal reflects surging AI-driven demand for contracted data centre capacity in Northern Virginia, where power constraints make fully energised, occupied assets especially scarce and valuable. For Digital Realty, it's a fast path to scale without construction risk; for Blackstone, it's a partial exit that keeps exposure to the sector via Digital Realty shares.
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