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360 Capital sets $50M pre-IPO price for infrastructure fund listing

360 Capital sets $50M pre-IPO price for infrastructure fund listing

Will invest $25 million into fund after spending $37 million on Perth data centre

ASX-listed investment and funds management group, 360 Capital is set to launch a $50 million pre-IPO funding round of its Digital Infrastructure Fund. 

The fund, set up following investor support, aims to offer liquidity and access to 360 Capital Digital Infrastructure Partners (DCIP). 

In May, 360 established a 50/50 joint venture with telco industry figure, David Yuile called 360 Capital Digital, which is acting as the investment manager and general partner to 360 Capital Global Digital Infrastructure Partners (GDIP). 

The main aim for GDIP is to focus on investing in digital infrastructure assets such as data centres along with telecommunications infrastructure involving towers, submarine cables and dark fibre networks.   

360 Capital Digital Infrastructure, which is responsible for running the joint venture and finding investment opportunities. The move followed 360 Capital's divestment of Asia Pacific Data Centre Group.

In regards to the pre-IPO funding round, 360 Capital Group said it was putting in $25 million as part of a long term co-investment capital into the Fund, with the pre-IPO raising set to be capped at $100 million, closing on 31 July. 

On top of this initiative, DCIP has made an investment into Asia Connectivity Elements, which will own and operate Gateway Network Connections, which is a carrier neutral cable landing station and data centre in Guam. 

In a statement to shareholders, 360 said Guam was a vital sub-sea cable hub for connectivity between Australia, Asia and the US. 

Furthermore, CDIP has also spent $37 million on purchasing an unnamed Perth-based data centre, which has been leased to a ‘major international’ data centre operator with about seven years remaining on the lease. 

Throughout 2017 and 2018, NEXTDC and 360 Capital Group were involved in a drawn-out bidding war for APDC - the company that owns the property and buildings housing a number of NEXTDC's data centres, and eventually led to NEXTDC making a $200 million offer to buy 360's 67.3 per cent stake in the property owner. 

 


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Tags data centresDavid Yuile360 Capital

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