Iron Mountain Frankfurt FRA-1: Iron Mountain Announces 27 Megawatt Pre-Lease in Frankfurt with Fortune 100 Customer

-- New FRA-1 Data Center 100% Pre-Leased --

BOSTON, June 8, 2020 /PRNewswire/ -- Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, today announced that it has signed a 27 megawatt data center lease with a U.S.-based Fortune 100 customer in Frankfurt, Germany, at its new FRA-1 data center. As part of the agreement, the customer will lease the entire 27 megawatt turn-key data center, with the initial 9 megawatts of power capacity to be taken upon lease commencement. The customer is committed to scaling to the full 27 megawatts of power capacity within five years. The lease is expected to commence in the second quarter of 2021, and has an initial term of ten years, with renewal options.

Iron Mountain pre-leased approximately 280,000 square feet, or 100% of its FRA-1 data center that is currently under construction. FRA-1 is being developed in three phases, of 9 megawatts per phase, with Phase 1 expected to be complete in the second quarter of 2021. Full build-out of the data center is expected in the second quarter of 2022. The Frankfurt data center is designed with state of the art specifications, offering dark fiber availability, allowing for increased interconnection options and low latency connectivity.

With the execution of the hyperscale lease in Frankfurt and the strength in first-quarter leasing activity, Iron Mountain now expects to significantly exceed its previous leasing target for new and expansion signings of 15 to 20 megawatts for full-year 2020. The company anticipates providing an update on its full-year leasing target on its second-quarter earnings conference call.

"We're very pleased to have executed this pre-lease at our new FRA-1 data center," said Mark Kidd, Executive Vice President and General Manager of Data Centers at Iron Mountain. "As we continue to focus on building out our platform with ground-up developments in Frankfurt and Northern Virginia, and expansions at existing data centers in Amsterdam, London, New Jersey, Northern Virginia, and Singapore, we will continue to identify the right hyperscale opportunities that enhance our strong core enterprise retail colocation ecosystem."

Frankfurt is a top global data center market and the second largest in the European FLAP region. The market is home to one of the world's largest internet exchanges, DE-CIX, which is a world-class peering exchange with hundreds of large networks available for customers.

"We're excited for the opportunity to serve as a strategic partner to an important Fortune 100 company," said Eric Boonstra, Vice President & GM Western Europe, Data Centers at Iron Mountain. "We are building upon our already strong European data center offerings to provide even more flexible, scalable options for customers now and into the future."

In addition to Frankfurt, Iron Mountain's European footprint includes data center campuses in Amsterdam and London. Strategically located in the heart of the Amsterdam region, one of the world's largest network ecosystems, Iron Mountain's AMS-1 data center campus now has 12 megawatts of capacity, with the ability to expand its campus footprint by more than 20 incremental megawatts. IRM is currently expanding the campus, adding 1.7 megawatts of capacity, of which 18% is pre-leased, reflecting strong demand from both new and existing data center customers. One of the most highly connected campuses in the market, AMS-1 offers customers easy access to 50+ on-site carriers and AMS-IX and NL-IX points of presence, providing low latency and carrier neutral connectivity options for custom solutions.

Located in the Slough Trading Estate, LON-1 is a highly-secure, purpose-built data center, with its existing capacity 74% leased, including to one of the largest banking institutions in the world. Iron Mountain is building out an additional 2.0 megawatt data hall in LON-1 to support robust demand, with an additional 2.0 megawatts of capacity held for future development at that site. In the fourth quarter of 2019, Iron Mountain entered into an agreement for a second site in Slough which will expand its presence in the important London market by adding an incremental 25 megawatts of capacity for future development. LON-2 is adjacent to the existing footprint at LON-1, and provides capacity to meet the demand for larger requirements in a very desirable market with low latency network connectivity.

Additional highlights from the Iron Mountain European data center footprint include: