US Real Estate Investment Company Iron Mountain has announced that it sold five facilities in the greater London area to Intermediate Capital Group (ICG). The sale agreement also included a leaseback deal for the facilities. Iron Mountain will remain in the facilities for an initial 12 year period with options to renew up to 20 extra years. The deal costs $178 million, and the combined size of the five facilities is 550,000 square feet.

Barry Hytinen, EVP and CFO at Iron Mountain, said that the Company is happy to continue its capital recycling program. He also noted that the Company would be investing in higher-growth areas, including its data center business.

Resources:
IRM Press Release on June 23, 2021