HMC Capital plans to list its global data centre platform, which is expected to be seeded with a A$4bn (€2.5bn) portfolio, on the Australian stock exchange next month.
HMC Capital plans to raise around A$2.6bn of new equity to establish the DigiCo REIT. The manager intends to own around 19% of the listed vehicle with an investment of up to $500m.
It has added it has also acquired listed Australian data centre firm iseek to seed DigiCo’s portfolio. The iseek transaction involves an upfront cash outlay of A$150m and A$250m of scrip in the proposed DigiCo REIT initial public offering (IPO).
HMC already owns US-based digital infrastructure platform StratCap.
The proposed public vehicle will own 13 data centres, said HMC Capital.
HMC managing director and CEO, David Di Pilla, said the acquisition of iseek is complementary to the firm’s recent acquisition of Global Switch Australia with a number of benefits including enhanced geographic and customer diversification.
“The DigiCo platform will have over 100 dedicated people across iseek, Global Switch Australia and StratCap, and represents the beginning of our strategy to build a world-class operating platform providing investors with exposure to institutional grade digital infrastructure assets in both Australia and North America.”
Iseek CEO, Scott Hicks, and founder & executive director, Jason Gomersall, said: “A significant portion of the acquisition proceeds will be taken in scrip in the DigiCo Infrastructure REIT IPO which is a testament to our strong conviction in the REIT’s investment strategy and growth runway.”
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