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

HMC Capital

11/11/2024 06:12

(Adds IPO raising size in second paragraph and investor details
in fifth paragraph)
    By Scott Murdoch
       SYDNEY, Nov 11 (Reuters) - Australia's HMC Capital
 HMC.AX  will press ahead with the initial public offering (IPO)
of its data centres business that would be worth $A4 billion
($2.64 billion), according to its regulatory filings on Monday.
    The deal will aim to raise $A2.6 billion, the filings said,
making it the largest deal in Australia since GQG Partners
 GQG.AX  raised nearly $A1.2 billion in 2021.
    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. iseek will
roll A$250 million worth of the purchase price into the DigiCo
IPO, HMC said in the regulatory filing. 
    HMC recently bought the colocation data centre operator
Global Switch Australia for A$1.937 billion and the asset will
be a key business in the DigiCo portfolio.
    The iseek acquisition had 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.


($1 = 1.5170 Australian dollars)

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