3i Infrastructure to acquire majority stake in data centre campus
3i Infrastructure PLC on Wednesday said it has agreed to invest around €300 million to acquire a majority stake in Lefdal Mine Datacenter.
The Jersey-based infrastructure investor noted that ‘high quality’ data centre campus is located on the west coast of Norway, and possesses 37 megawatts of operational capacity across its customer base.
3i added that it has a further 43 megawatts of contracted capacity currently under construction, ‘providing an attractive earnings growth outlook’.
The company said the data centre campus benefits from long-term, availability-based inflation-linked contracts, which offer strong revenue protection and visibility.
3i explained that LMD is being acquired from a fund managed by Columbia Threadneedle Investments, with completion expected in the summer.
Shares in the company were up 0.1% at 347.50 pence around midday in London.
‘We are delighted to be redeploying some of the proceeds from the TCR exit into a high-quality asset like LMD,’ said 3i Investments Managing Partner and Head of European Infrastructure Bernardo Sottomayor. ‘This transaction offers an attractive risk/return profile, whilst further diversifying our portfolio into a new subsector.
‘The contracted existing capacity provides strong downside protection, and we see attractive growth opportunities to create value. We look forward to working with the management team to deliver a strong outcome for 3iN.’
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