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PRP unveils $2bn data centre, industrial acquisition plans

Since its formation, the company has invested over $1.5 billion in assets in all property sectors.

By João Marques Lima

Founder and Editor, The Tech Capital

2 Mins

August 24, 2021 | 12:00 AM BST

Real estate investment management (REIM) firm PRP LLC, known for its credit net lease investments, said it is allocating US$2 billion to acquire credit tenant-leased logistic assets and data centre land and buildings.

The acquisitions are set to take place in primary and secondary US markets as the company joins a number of other brands diversifying their net lease portfolios by entering the data centre market.

Potential targets for acquisitions will include hard assets in the Washingon-DC area, where PRP is headquartered, as well as Loudoun and Prince William counties. The company said it will also target hyperscaler players to lease data centre flooring space.

As the Washington DC-based company makes the cash available for the transactions, it has also sold a number of office properties amounting to $1.04 billion in deals in several locations, including in Arlington, Austin and Gaithersburg.

Joe Neckles, managing director of net lease acquisitions at PRP, said: “The logistic and data centre sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.

“The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates.”

PRP is a REIM company with a focus on multifamily apartments and office properties. Founded in 2005 by Paul Dougherty – who owns the company’s stock and serves as founder, president and chief investment officer-, PRP executes value add strategies and manages a national portfolio of multifamily properties on behalf of its institutional investors, family offices and financial institutions.

The company manages its investments through PRP REM, their property management subsidiary which is solely focused on PRP’s portfolio of apartment properties.

Since its formation, the company has invested over $5 billion across 46 properties.

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João Marques Lima

Founder and Editor, The Tech Capital

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