Better to be lucky or good?
Pulling back the curtain on a $500M+ "overnight success."
A few months ago, Stream Realty Partners and Apollo Global Management, Inc. announced that Apollo would acquire a majority stake in Stream’s data center platform.
From a distance, the deal looks like a sign of the times:
An operator in the right sector (data centers) meeting a private equity firm with capital to deploy and an appetite for growth.
So was Stream lucky or good?
A half-billion–dollar outcome is a needle mover for anyone.
But here’s the part that gets lost in the headlines:
Stream earned every penny.
They built a data center track record that showed a 3x multiple.
Kicker: They had that track record 15 years ago. …then spent the next 15 years replicating it (again and again).
Sidenote 1: One of Stream’s core LPs leaned on that track record to raise an $8B data center fund that recently closed.
Sidenote 2: The sale makes perfect sense for Apollo, too.
(See Blackstone’s QTS performance for the blueprint.)
Cannon Green, Chris Jackson, Preston Young, Kyle Valentine, Allan Young, Derek Land, Blake Kendrick, Paul Moser, Adam Jackson, Michael McVean, and Lee Belland...
You built an incredible business over the last 25+ years. And judging by the quality of Stream team members who've plugged into CRE Analyst, it feels like you’re much closer to the beginning than the end.
Congrats and thanks for showing the industry what real, sustained excellence looks like.
Pulling back the curtain on a $500M+ "overnight success."
A few months ago, Stream Realty Partners and Apollo Global Management, Inc. announced that Apollo would acquire a majority stake in Stream’s data center platform.
From a distance, the deal looks like a sign of the times:
An operator in the right sector (data centers) meeting a private equity firm with capital to deploy and an appetite for growth.
So was Stream lucky or good?
A half-billion–dollar outcome is a needle mover for anyone.
But here’s the part that gets lost in the headlines:
Stream earned every penny.
They built a data center track record that showed a 3x multiple.
Kicker: They had that track record 15 years ago. …then spent the next 15 years replicating it (again and again).
Sidenote 1: One of Stream’s core LPs leaned on that track record to raise an $8B data center fund that recently closed.
Sidenote 2: The sale makes perfect sense for Apollo, too.
(See Blackstone’s QTS performance for the blueprint.)
Cannon Green, Chris Jackson, Preston Young, Kyle Valentine, Allan Young, Derek Land, Blake Kendrick, Paul Moser, Adam Jackson, Michael McVean, and Lee Belland...
You built an incredible business over the last 25+ years. And judging by the quality of Stream team members who've plugged into CRE Analyst, it feels like you’re much closer to the beginning than the end.
Congrats and thanks for showing the industry what real, sustained excellence looks like.
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