Digital Realty buys $3.5 billion stake in Blackstone Virginia data centers

Digital Realty said it will acquire a $3.5 billion stake in three data centers in Northern Virginia from Blackstone, a deal that sent its shares lower in premarket trading. The company will pay $1.2 billion in cash and $2.3 billion in stock for the assets, which are valued at $7.8 billion in total. The transaction includes Blackstone’s 80% interest in two 96megawatt facilities in Manassas and a 50% interest in a 96megawatt site in Sterling. Digital Realty said the purchase expands its exposure to Virginia, the largest data center market, and is part of its ongoing partnership with Blackstone. The first two centers are expected to stabilize in the first half of 2027, while the third is expected to follow in the first half of 2028.