CitySwitch and CSX Transportation, Inc. Enhance Strategic Alliance Exceeding the 100-Tower Mark in Combination With CitySwitch’s Build-to-Suit Wireless Carrier Partners
August 18, 2022
CitySwitch Tower Holdings, LLC (“CitySwitch”) and CSX Transportation, Inc. (“CSX”) today announced another strategic milestone in their continued commitment to wireless tower development, surpassing the 100-tower mark and establishing a robust pipeline for many years to come. CSX’s Signals and Communications group will have preferred access for use of these towers and will participate in the long-term value creation related to the developed assets.
Over the last four years, CitySwitch has built and leased over 200 new build towers and is actively developing a pipeline of another 300 in partnership with their wireless customers, many of which are purpose-designed strategic builds along the CSX right of way.
In late 2021 CitySwitch completed a material strategic recapitalization with CBRE Investment Management, injecting new enduring capital and developing a platform positioned for long-term strategic growth.
“CSX and CitySwitch continue working together to drive value through the permitted use of the CSX network by cellular network carriers and their customers' communication sites,” said Christina Bottomley, Head of Real Estate for CSX Transportation, Inc. “CSX is able to generate additional revenue and leverage communication resources through the utilization of its assets while providing CitySwitch a platform to deliver new and expanded wireless networks. By working together and in combination with CitySwitch's wireless build-to-suit partners, our companies are creating a unique strategic long-term opportunity,"
“The vast CSX rail network plays a critical role in CitySwitch’s near-term growth strategy and allows us to strategically and efficiently deliver unique wireless infrastructure solutions to our customers,” said Rob Raville, President & CEO of CitySwitch. “As we continue to grow, the unyielding support provided by CSX in helping us accomplish the mission at hand with our customers is key, and we are very grateful. Our new partnership with CBRE Investment Management will allow for us to further expand this strategic alliance and deliver at scale.”
“We continue to see a significant long-term growth opportunity in this type of mission-critical digital infrastructure and appreciate our partnership with CitySwitch as we look to create value for our investors,” said Noi Spyratos, Managing Director, Private Infrastructure, CBRE Investment Management.
CitySwitch is one of the fastest growing, independent developers, owners, and operators of critical wireless infrastructure assets in the US. Through its subsidiaries, the company owns and operates wireless towers and is a leading tower build-to-suit partner of all major, and select regional US based wireless carriers. With a lengthy track record developing and managing hundreds of towers on public and private properties dating back to 2004, coupled with a highly disciplined and efficient model plus unique access to railroad rights of way, CitySwitch is well-positioned to capitalize on the impending 5G deployment cycle.
CitySwitch has the long-term financial backing of leading infrastructure funds and separately managed accounts sponsored by CBRE Investment Management.
To learn more about CitySwitch, visit www.cityswitch.com.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links over 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corp. and its subsidiaries is available at www.csx.com. Like us on Facebook (http://www.facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).