SYDNEY, AUSTRALIA: Global Data Centre Group (ASX: GDC) has agreed to dispose of its ~66% ownership interest in Asia Connectivity Elements Inc (ACE) which holds a 51% joint venture interest in Gateway Network Connections LLC (GNC).
GNC owns and operates a 0.8MW data centre in Piti, Guam. GDC has sold its holding in ACE to Coronado, LLC, a Guam limited liability company, wholly-owned by an experienced US operator of cable landing stations, data centers and other telecom infrastructure for cash consideration of A$18.5 million.
Managing Director of Lanrik Partners, the investment manager of GDC, David Yuile said the disposal of ACE will allow capital to be reinvested into a strong pipeline of operating data centres within GDC’s Etix Everywhere business.
“Etix Everywhere is currently seeing a very strong pipeline of opportunities in Europe and Asia which will allow it grow and scale its existing presence in those markets. This disposal will allow GDC to redeploy capital into this pipeline, with an aim to maximise returns for securityholders.”
Global Data Centre Group aims to take advantage of the unique once in lifetime investment cycle by investing in technology infrastructure assets, targeting an internal rate of return of 10% per annum.