DLR - CyrusOne CoreSite most likely next data center REIT acquisition targets

Galina Shafran/iStock via Getty Images CyrusOne (CONE) is likely the next M&A target among data center REITs after QTS Realty (QTS) agreed to a $10b sale to Blackstone last Monday (BX), according to analysts. CyrusOne has been named and speculated as a takeover target in recent years and the company still screens "relatively cheap" within the data center sector, according to Stifel analyst Erik Rasmussen. CyrusOne could see 23x-25x 2022 estimated EBITDA or $95-$106/share in a potential acquisition according to Rasmussen, which at the high end represents 33% upside from current price. The QTS deal was valued at 26.1x 2022E EBITDA. CyrusOne could see $90 in a takeout based on a ~25x NTM multiple, Wells Fargo analyst Eric Luebchow wrote in a note earlier this week. After CyrusOne, the next logical takeout candidate in the space is CoreSite Realty (COR), analysts said. "COR’s network-dense assets across key markets are some of the

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CyrusOne, CoreSite most likely next data center REIT acquisition targets