Short-selling specialists Gotham City Research and General Industrial Partners (GIP) have disclosed a short position in Iron Mountain, adding the $22bn-plus REIT to a roster of companies the duo has previously targeted with high-profile forensic research, according to a report by Reuters.

The pair, led by Daniel Yu and Cyrus de Weck, argue that Iron Mountain’s aggressive, highly leveraged push into data-centre infrastructure is misaligned with the long-term capital the company can sustainably deploy. The thesis raises questions about the durability of Iron Mountain’s expansion strategy at a time when data-centre valuations are stretched and financing costs remain elevated.

The REIT’s shares fell around 5% on Wednesday following the announcement. Iron Mountain did not respond to requests for comment.

Gotham and GIP have built a reputation for hard-hitting short campaigns, including those involving SES Imagotag (now Vusion Group) and Spanish pharma firm Grifols.