Global Data Centre to reap $175m from Etix Everywhere divestment
Global Data Centre (ASX: GDC) has agreed to sell its co-controlled investment in European data platform Etix Everywhere to French asset management company Infranity Equity Fund.
Net proceeds from the divestment are forecast to be around $175 million, equating to approximately $2.26 per security and representing a 52% increase on the $115m carrying value of the Etix investment at the end of December.
Global Data Centre — which is managed by specialist digital infrastructure investment firm Lanrik Partners — is said to be considering the best way to return funds to securityholders in line with a value realisation strategy focused on asset disposals over new investments.
It plans to announce the decision when the transaction closes at the start of the 2025 financial year.
Performance fees payable to Lanrik will be contingent on the unit price trading and will be announced at the same time.
Best interests
Lanrik managing director David Yuile said the Etix divestment would be in the best interests of Global’s securityholders.
“It has been a pleasure to have supported the growth of Etix since Global’s initial investment in December 2020,” he said.
“We are very pleased with the outcome of the transaction, which is the second divestment in line with the group’s stated value realisation strategy.”
The Australian Securities Exchange (ASX) has agreed to grant Global Data Centre a six-month period in which to demonstrate a sufficient level of operations in accordance with listing rule 12.1.
If the company is unable to demonstrate compliance, its securities will be suspended.
Perth sale
In April, Global announced the sale of Perth Data Centre to an undisclosed buyer for $39m.
The purpose-built two-storey building in the city’s northern suburbs has been leased to Fujitsu Australia on a 15-year term.
It is believed to offer 5 megawatts across eight data halls covering a total of 3,500 square metres.
There is a period of 18 months and one five-year extension option left on the lease.
Proceeds from the divestment will initially be used by Global to repay mortgage debt of $24.75m.