Cordiant Capital Logo
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Source: The Times UK

 

A Canadian investment company is seeking to raise £300 million on the London stock market to buy up data centres and other infrastructure behind the digital economy.

Cordiant Capital, which is based in Montreal, is understood to be planning to list an investment trust on the stock exchange early next year. Bankers from Investec have been hired to handle the flotation of the vehicle, which will target assets including mobile-phone towers and fibreoptic networks.

Cordiant is hoping to tap into investor demand for exposure to a fast-growing area of the economy as more of the world moves online, appetite for data increases and countries build out their 5G networks.

The Canadian group was founded in 1999 and makes debt and equity investments around the world in telecoms infrastructure and agriculture.

Its telecoms arm is led by Steven Marshall, an industry veteran who previously ran the US business of American Tower Corporation, the $100 billion group that operates more than 180,000 towers worldwide.

It is thought that Cordiant has already built up a pipeline of potential investments for the trust. It plans to list the vehicle, which will be called Cordiant Digital Infrastructure, in February and has told City fund managers that it is aiming to deliver a 9 per cent return and a 4 per cent dividend yield.

The Canadian group is courting investors for the trust amid signs of a revival of flotation activity in London, which was stifled earlier in the year by the onset of the Covid-19 pandemic.

Conduit, a reinsurer based in Bermuda, clinched an £826 million valuation when it listed on the exchange last week and the Hut Group, the online health and beauty retailer, raised £1.9 billion in September.

Vodafone is seeking to list its infrastructure arm, Vantage Towers, in Frankfurt next year in a deal that could value the business at €20 billion.

A spokesman for Cordiant declined to comment.

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