Three brokers hired to oversee 360 Capital Digital's Initial Public Offering News25 Jun 2019

Real estate funds manager 360 Capital's Tony Pitt has tapped three brokers to oversee a sharemarket float of his firm's latest offering, 360 Capital Digital.

 

Street Talk can reveal Moelis Australia, Morgans Financial and Shaw and Partners have been hired to oversee 360 Capital Digital's initial public offering, and help raise $100 million to $200 million for a market value of a few hundred million dollars.

 

360 Capital Digital is expected to be pitched as an infrastructure fund with exposure to data centres and other digital network facilities.

 

The appointments come less than two months after Pitt revealed the property funds manager had joined forces with former Metronode chief executive David Yuile to create a new unlisted vehicle which would invest $US250 million ($360 million) in the fast-growing sector.

 

Launched in May, the unlisted partnership – 360 Capital Global Digital Infrastructure Partners – is available to local and overseas capital partners and wholesale investors with a targeted internal rate of return of 10 per cent.

 

It is focused on digital infrastructure assets such as data centres and telecommunications infrastructure including towers, submarine cables and dark fibre networks.

 

In June, Pitt, a veteran fund manager with recent experience in the data centre sector, said that as a result of several investors inquiring if they (or their clients) could gain access to 360GDIP through a listed platform, "the group and the JV investment manager have elected to explore an IPO on the ASX of 360 Capital Digital Infrastructure Fund.”

 

The proposed listing, effectively a feeder fund, will invest directly into the 360CDIP vehicle, providing listed investors access to the unlisted funds assets and pipeline.

 

Led by Pitt, 360 Capital last year held a controlling stake in the three-asset Asia Pacific Data Centre Group, which was then sold to its sole occupier, listed data storage operator NextDC, after a long-running tussle between tenant and landlord.

 

Yuile brings some much-needed expertise in data centres and networks to the joint venture, having led Nextgen Network between 2015-2015. He also oversaw the sale of Metronode to Equinix in April 2018 for $1.035 billion.

 

In his new role, Yuile will be responsible for managing GDIP, including sourcing opportunities and managing the company's investment strategy.

 

Source: AFR 25 June 2019: https://www.afr.com/street-talk/three-brokers-hired-for-360-capital-s-digital-infrastructure-float-20190624-p520q0

 

 

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