Australia’s HMC Capital has launched its new digital infrastructure investment vehicle, having raised AU$153 million ($100m) more than anticipated in its initial public offering (IPO), and says it is in talks to buy three additional hyperscale data centers in the US.
The Digital Infrastructure Real Estate Investment Trust, which will be known as DigiCo REIT, has floated on the Australian Stock Exchange with an initial market cap of AU$4.2 billion ($2.74bn).
The investment fund had expected to raise nearer AU$4 billion ($2.64bn) at the IPO, but said the offering had been upsized “following significant demand from institutional cornerstone and retail investors.”
David Di Pilla, HMC Capital’s managing director and CEO, said: “The establishment of the DigiCo REIT represents another landmark transaction by HMC and demonstrates our ability to build scalable growth platforms via large-scale transactions.”
HMC announced its intention to form DigiCo REIT when it purchased the Australian operations of Global Switch for AU$2.12 billion (US$1.41bn). Prior to that move, in July, it purchased North American digital infrastructure investor StratCap for US$28.5 million.
Earlier this month it acquired another Australian operator, iseek, for AU$400 million ($264m).
The company’s pipeline is set to grow, with HMC announcing that it has agreed deals for the acquisition of three North American enterprise and hyperscale data centers for AU$2.29 billion ($1.5bn), which will give DigiCo REIT’s portfolio an AU$6.1 billion ($4bn) valuation.
HMC said it will retain an 18 percent stake in the new company.
