GREENWICH, Conn.–(BUSINESS WIRE)–StratCap (“StratCap” or “the Company”) is proud to announce that its wireless infrastructure division (StratCap Wireless) has completed the acquisition of 14 cell towers for approximately $20.3 million. The majority of the towers are located in and around the Oklahoma City metropolitan area with one tower in Wichita, KS.
The towers include 23 existing tenant leases with the top three wireless carriers (Verizon, AT&T and T-Mobile) who make up 100% of rental revenues. The towers have significant capacity for new tenants and management believes lease modifications could occur as current tenants are likely to upgrade their sites with 5G equipment at some point.
Jim Condon, Managing Partner of StratCap, stated, “These assets serve as mission critical infrastructure for our tenants, helping them to deliver wireless coverage to a significant customer base in the Oklahoma metro region.” Todd Rowley, CEO of StratCap Wireless, went on to say, “Oklahoma City is an excellent wireless market. It is the 41st largest metropolitan statistical area (MSA) and one the fastest growing MSA’s in the country with significant land area throughout the metro area. This presents considerable engineering challenges and complexities when building a mobile network.” That being said, Mr. Rowley believes the towers’ strategic locations add to the appeal of the portfolio.
In addition to the towers’ strategic locations, Messrs. Condon and Rowley indicated that the acquisitions provide StratCap with what it believes are long-term, predictable rental revenues from premier tenants, while at the same time creating attractive value-add opportunities based on the towers’ additional capacity.
About StratCap
StratCap is a privately held, global alternative investment management platform committed to providing access to dynamic asset classes and highly experienced investment professionals in order to provide clients with attractive risk-adjusted returns. The company is focused on a wide range of digital economy investments with an emphasis on digital infrastructure, sustainability, and technology-centric sectors.
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