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Global Data Centre Group (ASX:GDC) has confirmed the sale of AirTrunk to Blackstone will effectively net it $123M given its existing investment into the former via Macquarie.
“As an investor in the [Macquarie]-led consortium, GDC’s proceeds from the Transaction are anticipated to be ~A$123 million1 equating to ~$1.59 per security,” GDC wrote on Monday.
The company originally chucked $32M at AIrTrunk.
The company flagged that its $123M expectation is forward-looking per normal ASX rules and regulations. Most importantly, the deal needs to pass the Australian Foreign Investment Review Board (FIRB), which is widely expected.
But after the sale of its Etix Everywhere and Perth Data Centre assets, the company says it has made “no decision … as to the future operations of GDC following the distribution of proceeds.”
In April, GDC sold off a data centre in Perth which was then occupied by Fujitsu. It was located in the light industrial suburb of Malaga, north of the CBD, for A$39M. The buyer wasn’t declared.
Funds from that deal went towards a mortgage debt repayment reported to be in the vicinity of $25M earlier this year. Lanrik MD David Yuile – whom started GDC – called that outcome ‘pleasing.’
A month later, GDC would sell off its investment in EU-based Etix Everywhere for roughly $175M – after investing $115M at first.
Shares in GDC were down -6.5% to $3.28/sh at 11.30am AEST on Monday. One year returns for the stock are coming in at +85.3%, which much of that posted in this calendar year thus far.
In between the lines: it sounds like Yuile might be planning to retire early.
GDC last traded at $3.28.
