Market News

Iron Mountain Buys Data Center in Frankfurt for €76M

Storage and information management services company Iron Mountain Incorporated (IRM) has announced the acquisition of a data center in Frankfurt from Calcium DC Pte. Ltd. The company has acquired the data center for €76 million. The deal is expected to close within the next 90 days, subject to customary closing conditions.

The data center has 2.6 megawatts of leased capacity and 8 megawatts of capacity available for retail colocation customers. With strong network connectivity and a capacity to add edge computing in the future, this acquisition marks the second data center of Iron Mountain in Frankfurt — a 27 megawatts pre-leased facility is already in its portfolio.

The company’s focus on Frankfurt can be attributed to the fact that the city is a strong global data center market due to its standing as one of Europe’s major commercial and financial hubs.

The Vice-President and General Manager, Europe, Iron Mountain Data Centers, Eric Boonstra, said, “We are thrilled to be adding an additional data center in Frankfurt to our global platform as it will meet the high demand we are seeing from our enterprise, edge and hyperscale customers in the Frankfurt market.” (See Iron Mountain stock chart on TipRanks)

Two months ago, Wells Fargo analyst Eric Luebchow reiterated a Buy rating on the stock with a price target of $44. The analyst’s price target implies upside potential of 2.9% from current levels.

Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Iron Mountain price target of $44.67 implies upside potential of 4.5% from current levels. Shares of the company have gained 63.5% over the past year.

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