This article is from the Australian Property Journal archive
DIGITAL infrastructure investor Global Data Centre Group (GDC)’s shares spiked by more than 20% yesterday after it announced it entered into a contract to divest its co-controlled investment in European edge data centre platform Etix, in a deal that will deliver $175 million.
The forecast net proceeds equate to $2.26 per security, and are a 52% increase on the $115 million carrying value of the Etix investment at the end of December..
GDC shares closed at $2.80.
“Further analysis of the best way to return funds to securityholders in line with the realisation strategy is ongoing and will be announced at or around the time the transaction is closed,” it said.
“It has been a pleasure to have supported Etix’s growth since GDC’s initial investment in December 2020. 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,” said David Yuile, managing director of Lanrik Partners, which manages GDC.
A month ago, GDC offloaded its Perth data centre in the northern suburb of Malaga for $39 million. The proceeds were to be used to repay mortgage debt of $24.75 million.
