HARRISON STREET MAKES SIGNIFICANT INVESTMENT IN SUMMIT INFRASTRUCTURE GROUP, A LEADING DARK FIBER INFRASTRUCTURE PROVIDER
The Investment Builds on Harrison Street’s Digital Infrastructure Strategy and Enhances its Presence in the Largest Data Center Market Globally
CHICAGO – July 1, 2021 – Pursuing its digital infrastructure strategy, Harrison Street, a leading investment management firm focused on alternative real assets, today announced it has acquired a significant minority interest in Summit Infrastructure Group, Inc. (“SummitIG”), the leading dark fiber network solutions and bandwidth infrastructure provider for carriers, content providers, data center operators, large enterprises and government agencies. SDC Capital Partners, LLC will retain majority ownership of the company and Columbia Capital will maintain a minority interest. Financial terms were not disclosed.
SummitIG has designed and built an extensive and dense fiber optic platform comprised of over 600 miles of 100% underground, newly constructed metro and regional dark fiber infrastructure in Northern Virginia, the top data center market globally. Located along unique corridors, SummitIG provides customers greater network customization, scalability and reliability, empowering them to control their own bandwidth requirements. Northern Virginia continues to experience rapid growth with nearly one million square feet of operational data center space added every year since 2016.
“We are thrilled to partner with SummitIG, which has a world-class management team, track record of growth, and is well positioned for long-term success, as Harrison Street expands its strategy of investing in critical digital infrastructure assets,” said Michael Hochanadel, Managing Director and Head of Digital at Harrison Street. “As data center demand in Northern Virginia continues to rapidly grow, SummitIG has emerged as a leading provider of flexible, scalable and cost-effective dark fiber connectivity solutions to large-cap, hyperscale cloud companies and offers strategic alternatives and unique routes for customers to better control their own bandwidth requirements. We are excited to support the management team’s strategic vision over the coming years.”
“We are excited to add Harrison Street as a partner as we embark on the next phase of SummitIG’s growth,” said Sunny Kumar, Chief Executive Officer of SummitIG. “We look forward to leveraging Harrison Street’s extensive digital infrastructure expertise as we continue to expand our infrastructure assets and offerings to meet the demands of our growing customer base. Alongside SDC and Columbia Capital, I am confident that Harrison Street will empower us to accelerate our long-term growth and strengthen our position as a leader in dense dark fiber infrastructure.”
“SummitIG plays a unique and foundational role supporting the growth of the largest data center market in the world,” said Todd Aaron, Managing Partner at SDC. “We have been gratified by the company’s dramatic growth since our investment in 2019 and, with Harrison Street and Columbia Capital, look forward to continuing to support Sunny and the team as they guide SummitIG forward.”
Harrison Street has invested in a portfolio of carrier hotels and hyperscale data centers across the nation. Harrison Street has committed approximately $1.1 billion in digital infrastructure projects since 2018.
Evercore acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to SummitIG. DLA Piper LLP represented Harrison Street on the transaction.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London and Toronto, the firm has more than 190-employees and approximately $35 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
SummitIG provides custom network solutions and bandwidth infrastructure services using its dense and unique fiber-optic network located throughout Virginia. The company specializes in dark fiber connectivity for data center, carrier, government and enterprise customers, giving them strategic alternatives, unique routes, and greater flexibility to control their own networks. For more information about SummitIG, please visit www.summitig.com.
SDC Capital Partners, LLC is a global digital infrastructure investment firm. SDC invests in data centers, fiber networks, wireless infrastructure and associated businesses with a focus on opportunities to leverage its deep operational expertise in partnership with exceptional teams to create value. For more information, please visit www.sdccapitalpartners.com.
- Posted by dgrimm
- On July 1, 2021
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