(WEB HOST INDUSTRY REVIEW) — Data center real estate investment trust DuPont Fabros (www.dft.com) announced on Wednesday it has resumed construction on its NJ1 data center project in New Jersey, after it was forced to postpone the build last November to obtain adequate financing.
At the time, DFT CEO Hossein Fateh said the company hoped to raise about $75 million for phase 1 of the Piscataway, New Jersey data center, and complete the build by the end of 2010.
“Over the course of the year (2009), we substantially strengthened our balance sheet,” says Fateh. “This included $700 million of new financing obtained in the fourth quarter which included, for the first time, capital from the unsecured bond market.”
In the fourth quarter of 2009, DuPont earned $550 million in new capital and secured a $150 million loan.
The company says it used $504 million of the earnings to pay off existing debt, using the remaining funds were sufficient to restart the data center to begin and finish phase 2 of ACC5 in Ashburn, Virginia.
Additionally, DuPont signed four new leases in the fourth quarter of 2009 for a total of 6.32 MW of power on 42,300 square feet of raised floor and a total contract value of $165 million.
Three of the data center space leases were signed in the first phase of ACC5 while the fourth data center space lease was signed at the VA3 facility in Reston, Virginia.
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