Sale of Data Centre

RNS Number : 0684Q

Alpha Real Trust Limited

14 February 2019

 

14 February 2019

LEI: 213800BMY95CP6CYXK69

ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE "COMPANY")

Sale of Data Centre

Further to the announcement on 20 December 2018, Alpha Real Trust announces that the sale of its data centre site in Frankfurt has completed for a cash consideration of €44.8 million. The sale price is above the Company's latest book value for the site.

Alpha Real Trust originally acquired an interest in the site by way of an option to acquire, subject to obtaining power and planning enhancements, which the Company funded during the option period. The site acquisition completed in December 2017. In addition to the site acquisition cost, the Company invested a further €10 million as part of a site enhancement strategy.

Alpha Real Trust undertook a detailed design and pre-development process for the building and its mechanical and electrical systems that led to the grant of planning consent for a five-storey data centre extending to over 40,000 square metres. In parallel, an agreement was reached with the local utility provider who contracted to upgrade the power supply to the site to deliver a 35 Mega Volt Ampere ('MVA') dual feed power supply on a phased basis to 2020, synchronised with local electricity substation and cable route upgrades. The Company also undertook site enabling works to complete pre-identified ground remediation works and create an electricity receptor building capable of accommodating the upgraded power supply.

Proceeds from the sale are to be deployed in line with the Company's investment strategy.

For further information please contact:

Alpha Real Trust Limited

David Jeffreys, Chairman, Alpha Real Trust                         [phone]

Brad Bauman, Joint Fund Manager, Alpha Real Trust       [phone]

Panmure Gordon, Broker to the Company

Richard Gray / Andrew Potts                                                 [phone]

Registered office: Old Bank Chambers, La Grande Rue, St Martin's, Guernsey, GY4 6RT

Alpha Real Trust Limited is advised by Alpha Real Capital LLP, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

 

END

 

 

FURGGUUUPUPBGQC