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Manulife Funding Administration entered into an settlement to amass a controlling curiosity in an information middle firm with property throughout three areas. The corporate will make the acquisition of the controlling curiosity in Serverfarm on behalf of its Manulife Infrastructure Fund II and its associates. The main points of the transactions weren’t disclosed.
The acquisition is anticipated to shut within the third quarter of 2023, topic to customary closing circumstances. Serverfarm tapped Citigroup World Markets Inc. because the lead monetary advisor, TD Securities as monetary advisor, and Dentons US LLP and Alston & Chicken LLP as authorized counsel, whereas Manulife tapped TAP Advisors LLC as monetary advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP as authorized counsel for the deal.
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Serverfarm’s present portfolio consists of eight knowledge facilities throughout North America, Europe and Israel. The properties vary from a 100,000 sq. ft facility in Israel to a two-building knowledge middle in Moses Lake, Wash., that mixes for 413,000 sq. ft. Total, the portfolio totals 1.5 million gross sq. ft and 125 megawatts of IT capability, and in addition has further land for future knowledge middle developments.
Set for growth
With the funding from Manulife, Serverfarm will be capable of proceed its growth of its knowledge middle portfolio throughout North America, Europe and Israel. Avner Papouchado, founder & CEO of Serverfarm, mentioned in ready remarks that the brand new capital will assist the corporate transfer ahead on a number of enticing improvement alternatives.
Manulife Funding Administration represents the worldwide wealth and asset administration division of Manulife Monetary Corp. and invests throughout 19 geographies. Whereas the Serverfarm curiosity acquisition is for knowledge facilities, Manulife invests in quite a lot of property sorts. The father or mother firm owns a high-rise workplace tower in Jersey Metropolis, N.J., that secured two new leases in February. The corporate has additionally invested in an industrial warehouse in Fort Price, Texas, and a logistics facility in Joliet, Ailing.
