Toronto, one of Canada’s busiest data center markets, will soon gain new multi-tenant wholesale data center capacity.
CIM Group, in conjunction with fifteenfortyseven Critical Systems Realty (“1547”), has announced the acquisition of a 42,000 square-foot operating data center in Markham, Ontario, which is part of the Greater Toronto Area. The property was sold by I.C.E. Datacenters (Interconnection & Colocation for the Enterprise), which plans to lease back a large portion of the data center.
This new acquisition enhances CIM Group’s portfolio of diverse infrastructure investments which include urban parking facilities, renewable energy, water supply infrastructure, and waste solutions. The acquisition is also significant for 1547, as it’s the company’s first international data center location.
“Our portfolio expansion with CIM Group into one of Canada’s most robust datacenter markets will bring much needed multi-tenant wholesale datacenter capacity online to service the growing demand,” said J. Todd Raymond, CEO of 1547. “Additionally, we’re looking forward to working with the team at I.C.E Datacenters and its sister company, Metro Optic, to expand opportunities for both organizations.”
The new owners, together with I.C.E., will jointly market the data center. 1547 will focus on the wholesale market, and I.C.E. will handle retail colocation and connectivity to carrier hotels, networks and cloud providers. 1547 and CIM and are now marketing the expansion to potential tenants while pursuing development with pre-leasing.
“We are excited to have CIM Group and 1547 as our new property owner and partner,” stated Michael Bucheit, CEO of I.C.E Datacenters and Metro Optic. “Their presence in key U.S. markets and deep expertise in wholesale datacenters, combined with our relationships and knowledge of the local Toronto and broader Canadian markets, create material synergies that will enable both companies to excel in this location and beyond.”
“Our relationship with I.C.E Datacenters will enable us to service a range of customer requirements, from pure, single cross-connect interconnection through multi-megawatt turn-key and build-to-suit deployments,” added Mr. Raymond.
CIM started its Canadian investment activities with the help of SkyPower Global, which is one of the largest global solar developers with offices in more than 30 countries as well as a pipeline of projects adding up to 250,000 megawatts. The acquisition is CIM’s second in Toronto, and its second investment with 1547. This acquisition comes on the heels of the joint venture’s first datacenter acquisition of 400 Paul Avenue, which is a 7.3-acre property with plans for a 240,000 square-foot data center campus.
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