Australia's HMC Capital to list data centre trust worth $A4 billion

HMC Capital

11/11/2024 04:28

By Scott Murdoch
       SYDNEY, Nov 11 (Reuters) - Australia's HMC Capital
 HMC.AX  will press ahead with the initial public offering of
its data centres business that would be worth $A4 billion,
according to its regulatory filings on Monday.
    A deal of that size would be the largest IPO in Australia
this year.
    HMC Capital said the Digico Real Estate Investment Trust
(REIT) would have 13 data centres in its portfolio and 586
customers.
    Its assets under management will stand at about $A4 billion
and HMC Capital would invest a minimum of $A500 million that
would give it an almost 19% stake in the business.
    The IPO comes after HMC said it would spend $A400 million to
buy Australian data centre operating platform iseek. 
    The acquisition helped push HMC shares up by as much as 4%
to a record high of A$10.79.
    HMC's regulatory announcements did not specify a timeline
for the IPO but local media said the REIT should be listed on
Dec. 16.

 (Reporting by Scott Murdoch in Sydney; Editing by Mrigank
Dhaniwala)
 ((Scott.Murdoch@thomsonreuters.com;))