Blue Owl Launches Digital Infrastructure REIT With $1.7 Billion in Capital

Blue Owl Capital has launched Blue Owl Digital Infrastructure Trust, a private-placement, non-traded real estate investment trust focused on U.S. data centers. The vehicle commenced operations last week, following the closing of a $3.3 billion transaction for a portfolio of 11 digital infrastructure assets.

The REIT reports that it raised approximately $1.7 billion in gross proceeds at launch, including contributions from an affiliate of its investment adviser, Blue Owl Digital Infrastructure Trust Advisors LLC.

The company acquired 11 data center assets across seven major U.S. markets, featuring what it described as a “high-quality tenant mix,” including investment-grade and hyperscale customers. The acquisition was executed through a previously announced agreement with the BODI I Funds, which are managed by an affiliate of Blue Owl and now serve as the initial portfolio for the newly launched trust.

The transaction was valued at a gross enterprise value of $3.3 billion, with a net purchase price of approximately $1.5 billion after adjustments and the assumption of existing debt. The deal was approved by both the BODI I Funds’ advisory committee and the REIT’s board of trustees, with fairness opinions obtained for both sides.

Multiple Share Classes and Placement Partners

The trust issued more than 161.6 million common shares across multiple share classes, priced at $10.00 per share:

• Class S: 56.8 million shares ($572.4 million)
• Class D: 2.2 million shares ($21.7 million)
• Class I: 32.7 million shares ($327 million)
• Class E: 70 million shares ($700 million)

The REIT is structured as a Maryland statutory trust and operates through Blue Owl Digital Infrastructure Operating Partnership LP, which also sold additional Class I and Class E operating partnership units totaling $32.5 million. These units are exchangeable for shares at the REIT’s discretion.

Blue Owl disclosed that the offering was made under Regulation D Rule 506(b) and will be distributed through major wirehouse platforms, including Morgan Stanley, Merrill Lynch, Sanctuary Securities, and Blue Owl’s own affiliate broker-dealer, Blue Owl Securities LLC.

Investment Strategy

The REIT targets digital infrastructure real estate, with an initial focus on data centers. The inaugural portfolio reflects a strategic emphasis on scale, high-credit tenants, and geographic diversification. While specific underwriting metrics were not disclosed, the company plans to operate under a NAV-based structure with a continuous private offering model.

A recent filing with the U.S. Securities and Exchange Commission lists Matthew A’Hearn as president and chief executive officer, with Jesse Hom as chief investment officer, Kevin Halleran as chief financial officer, and Brad Berkley as chief operating officer.

The company has not yet filed pro forma financial statements or historical financials for the acquired assets but expects to do so within 71 days of the report date.

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