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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesBlackstone and Digital Realty announced a joint venture on December 7, 2023, to develop four hyperscale data-center campuses in Frankfurt, Paris and Northern Virginia. The plan estimates about $7 billion in development costs over several years and covers 10 data centers with approximately 500 MW of potential IT-load capacity.
What is the Blackstone–Digital Realty venture?
Blackstone-affiliated funds led by its Infrastructure, Real Estate and Tactical Opportunities businesses partnered with Digital Realty to develop the campuses. The companies framed the deal as a way to combine Blackstone’s capital with Digital Realty’s development and operating platform. Digital Realty said the arrangement would give it access to private capital, accelerate monetization of nearly 20% of its land bank and diversify funding. Digital Realty’s announcement also described cloud computing and artificial intelligence as drivers of demand.
Where are the campuses, and how much capacity is planned?
The four campuses are distributed across three markets: Frankfurt, Germany; Paris, France; and Northern Virginia, United States. The announcement did not specify how many campuses would be in each market.
| Plan detail | Announced figure |
|---|---|
| Campuses | Four across Frankfurt, Paris and Northern Virginia |
| Data centers | 10 |
| Potential IT-load capacity | Approximately 500 MW |
| Progress at announcement | 46 MW under construction; 33% pre-leased |
The 500 MW figure is potential IT load, not a claim that all capacity was already built, operating or leased. The construction and pre-leasing figures describe the project at the time of the December 2023 announcement. The company release provides those figures.
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Who owns and operates the venture?
Blackstone agreed to an 80% ownership interest and approximately $700 million in initial capital contributions. Digital Realty retained 20% and agreed to manage development and day-to-day operations, receiving customary fees. The $700 million is Blackstone’s announced initial contribution, not the total estimated cost of building the campuses.
What does the $7 billion estimate cover?
About $7 billion is the estimated development cost across several years for the 10-data-center plan. It is not evidence that $7 billion had been spent when the venture was announced, nor is it a recurring cost or a per-campus figure. The announcement does not break the estimate down by campus or provide a revised total.
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What was the planned construction and delivery schedule?
The companies projected that about 20% of the total potential IT-load capacity would be delivered through 2025, with the balance expected in 2026 and beyond. They scheduled the joint venture to close in two stages during the first half of 2024, subject to regulatory approvals and other customary conditions. These were projections and conditions in the 2023 announcement; that release alone does not establish whether each closing, construction milestone or lease target was later completed.
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