360 Capital’s Global Data Centre Group raises $19m

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360 Capital’s Global Data Centre Group raises $19m

Data centre operator Global Data Centre Group has raised approximately $19 million in a capital raise.

The amount was raised through the placement of 9.8 million stapled units (bundled securities) at $1.93 each, 15 percent lower than the $2.03 closing price on September 9, the day before the raise was announced on the ASX. 

The company said in a statement that it plans to use the capital to fund merger and acquisition and investment initiatives.

The Group’s portfolio includes data centres across Asia Pacific and Europe.

“Following a record FY21 financial performance, Global Data Centre Group continues its focus on identifying value enhancing acquisitions and follow-on investments to expand our operating business,” said Global Data Centre Group managing director David Yuile.

“Our strategy includes continuing to rapidly scale our data centre operating business, through strategic acquisitions, with this equity raising providing further runway to pursue these opportunities and capture strong industry growth going forward.” 

The company is also looking to raise a further $5 million through a security purchase plan offered to all existing shareholders.

Last month, 360 Capital sold its shares of Global Data Centre Group for $42 million. It stated at the time it announced the intention to sell that it was “part of its rationalisation of investment strategies. 

The data centre company remains under 360 Capital management as a ‘joint venture’ with Yuile, who is named as the founder and managing director of 360 Capital Digital Infrastructure Partners on LinkedIn.

The Global Data Centre Group was founded and listed by 360 Capital in 2019 after a heated battle with NextDC over Asia Pacific Data Centres, a NextDC spin-off that owned several data centres that NextDC leased. 

It resulted in NextDC paying $163 million to gain back control over its data centres and 360 Capital launching its own data centre company.

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