American Tower, a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 144,000 tower sites, will form a joint venture with Dutch pension fund manager PGGM to develop telecommunications real estate investment opportunities in select European countries. The new company will be called ATC Europe. American Tower will contribute its German assets into ATC Europe and PGGM will acquire a 49% interest in ATC Europe. American Tower will retain operational control and day-to-day oversight of ATC Europe.
"We are pleased to be able to enter into this partnership with PGGM,” said James D. Taiclet, Jr., American Tower’s Chairman, President and Chief Executive Officer. “We believe that the combination of PGGM’s long-term investment philosophy and extensive knowledge of the European landscape with American Tower’s proven track record of investing in and operating telecommunications real estate assets will establish a compelling platform for future investment opportunities."
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