Data-center giant Digital Realty Trust, Inc. will buy Dupont Fabros Technology Inc. in a $4.95 billion stock deal. The acquisition of Dupont’s purpose-built data center properties will expand Digital Realty’s portfolio in Chicago, northern Virginia and Silicon Valley, Calif., all highly competitive markets for the asset type. Analysts at Key Bank have said the the deal will make the newly combined entity into the largest wholesale data-center REIT in the U.S. (via Bloomberg)
The White House will move on “massive permit reform” and appoint a Council to help project managers maneuver the bureaucracy inherent in getting big builds done, as part of President Trump’s undertaking of his $1 trillion infrastructure spending initiative. President Trump said on Friday that these were the first steps to conquering “one of the biggest obstacles to creating this new and desperately-needed infrastructure…the painfully slow, costly and time-consuming process for getting permits and approvals to build.” The Council will also penalize systemic delays that impede infrastructure building, saying any federal agency that “consistently delays projects by missing deadlines will face tough, new penalties. We will hold the bureaucracy accountable.” (Via Reuters)
In a major example of transit-oriented development, the second stage of work has commenced on Novus Innovation Corridor, an 8-million-sq.-ft. mixed-use community located in Tempe, Arizona. Arizona State University (ASU) and Catellus Development Corp. have teamed on the development, which will bring 20,000 jobs to the central Tempe area and support 5,000 new residents. Development of Novus will also fund the ASU Sun Devils’ $268 million stadium renovation and various ASU athletic facilities. (Via Commercial Property Executive)
More News to Note:
The healthcare real estate sector is shifting focus
On July 29, Fannie Mae raises its debt-to-income requirement for mortgages to 50%
Development work begins on badly needed affordable housing in Silicon Valley
