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EQIX > SEC Filings for EQIX > Form 8-K on 28-Mar-2013All Recent SEC Filings

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Form 8-K for EQUINIX INC


Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation

Item 1.01. Entry into a Material Definitive Agreement.

On March 27, 2013, Equinix Singapore Pte Ltd ("Equinix Singapore"), a wholly-owned subsidiary of Equinix, Inc. ("Equinix"), and Mapletree Industrial Trust ("MIT"), an industrial real estate investment trust listed in Singapore, entered into an Agreement to Develop and Lease (the "ADL") for approximately 385,000 square feet of data center space located in Singapore. Pursuant to the ADL, MIT will develop the space into Equinix's third IBX data center in Singapore ("SG3"). The ADL provides that upon completion of the seven-story building, the parties will enter into a Lease Agreement (the "Lease Agreement") for SG3 whereby Equinix Singapore will lease the building from MIT for an initial fixed term of 20 years after commencement, with options to renew, and will incur a total rent obligation of approximately $159.6 million over the initial term of the Lease Agreement. Pursuant to the Lease Agreement, Equinix Singapore has an option to purchase the building five years after commencement. It is expected that SG3 will be ready for service in the second half of 2014.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-balance Sheet Arrangement of a Registrant.

Please refer to the description of the ADL and the Lease Agreement disclosed in Item 1.01 above.

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