Cordiant Digital Infrastructure Ltd (LSE:CORD) told investors it has syndicated part of its investment in Datacenter United.
A fund managed by Cordiant Capital Inc, acting for a Western European institutional investor, has acquired a €20 million economic interest in Datacenter United, with the transaction priced in line with Cordiant’s original acquisition cost.
Following the deal, Cordiant Digital retains a 37.4% economic interest in the company, whilst the Cordiant-managed fund holds a further 10.1% interest. Governance and voting rights remain unchanged. Cordiant will continue to manage the joint 47.50% economic (50% voting) interest.
Proceeds will be used to partly repay the company’s revolving credit facility and support its capital allocation strategy.
"We are pleased to be completing the company's first syndication of one of its portfolio assets, enabling CORD to recycle its balance sheet and redeploy capital to generate further returns," executive chair Steven Marshall said.
"This transaction provides a model for future syndications to support growth and diversification of the company's portfolio of assets."