Iron Mountain Announces UK Industrial Sale-Leaseback Transaction with ICG
June 23, 2021 at 08:29 am EDT
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Iron Mountain announced that it has sold a portfolio of five facilities to Intermediate Capital Group (ICG), generating gross proceeds of approximately $178 million, based on current exchange rates. The transaction, totaling 550,000 square feet, is a sale-leaseback transaction with the properties located in the greater London area. Iron Mountain will remain in these facilities under an initial twelve-year lease term, with options to renew up to an additional 20 years. This transaction is part of Iron Mountain’s ongoing capital recycling program, and Iron Mountain expects to utilize the proceeds to reinvest in higher growth areas of its business.
Iron Mountain Inc is engaged in a physical ecosystem supporting information storage and retrieval for businesses which rely on paper documents or computer tapes to store their valuable information. The Companyâs segments include Global Records and Information Management (Global RIM) Business and Global Data Center Business. The Global RIM Business segment includes various offerings, including records management, data management, global digital solutions, secure shredding, secure shredding, and consumer storage. The Global Data Center Business segment provides data center facilities and the capacity to protect mission-critical assets and ensure the continued operation of its customersâ information technology (IT) infrastructure with data center options. The Company also offers IT asset disposition customer solutions. It serves industries, such as commercial, legal, financial, healthcare, insurance, life sciences, energy, business services, entertainment and government organizations.