Related Cos., a privately owned real estate giant known for projects such as Manhattan’s Hudson Yards, is planning to raise up to $8 billion to fund an expansion into data centers.
It joins a crowd including private equity giant Blackstone betting artificial intelligence and cloud computing demands will feed a global appetite for the property type.
Related officially unveiled Related Digital, a vertically integrated data center development and investment business that already has a near-term $45 billion project pipeline. Related Digital is investing at least $500 million toward the build-out.
Brent Behrman, previously chief sales officer at global data center developer and operator CyrusOne, was named chief investment officer of Related Digital, effective immediately. Behrman will work closely with Related CEO Jeff Blau.
“Digital infrastructure is one of the most remarkable growth categories and asset classes that I have seen in my more than 35 years in real estate development, driven by the unprecedented demand for data centers with reliable access to significant energy sources,” Blau said in a statement, adding Related is one of the only data center developers in the market with nationwide capabilities across development, complex infrastructure construction, supply chain procurement, and clean power generation through a partnership.
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