NextDC's former landlord 360 Capital to list data centre business

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NextDC's former landlord 360 Capital to list data centre business

360 Capital Group, the real estate investment company that was once majority owner of NextDC’s data centres, has announced its new data centre business will hold an initial public offering (IPO) in October.

In a Monday ASX filing (pdf), the company said it reached its pre-IPO funding target of $50 million and said it is “progressing to finalise all documentation” for the IPO to take place.

360 Capital first revealed its plans to start its own data centre company in May called 360 Capital Digital Infrastructure, tapping former Nextgen Networks and Metronode managing director David Yuile to run the business.

360 Capital Digital Infrastructure will invest in digital networking infrastructure assets such as data centres, telecommunications towers, submarine cables and dark fibre networks.

The company then announced its plans to go public in June, then announced a pre-IPO funding round in July after receiving “strong support” from investors.

“I’m looking forward to completing the IPO as we continue to see a strong pipeline of opportunity to deploy further capital into digital infrastructure assets linked to the growth of the digital economy,” Yuile said in a statement.

360 Capital also revealed the business has acquired an interest in Asia Connectivity Elements, which owns Guam-based data centre Gateway Network Connections, for $7.8 million.

The business also exchanged contracts with an unspecified fully-leased data centre in Perth for $37 million, and also invested into a $10.6 million convertible note issued by “a global hyperscale data centre”.

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