360 Capital Digital Fund in Pre IPO Fund Raising
According to 360 Capital, the proposed IPO of 360 Capital Digital Infrastructure Fund has received strong support from investors.
As a result of investor support, 360 Capital has launched a $50.0 million pre-IPO funding round for the Fund committing $25.0m of their own co-investment capital into the Fund.
The Pre-IPO Raising will be capped at $50.0 million (including the Group’s co-investment) and pre IPO Investors will receive bonus units equivalent to 3.0% of their final allocation as part of the pre IPO Raising. The pre-IPO raising will close on 31 July 2019, if not closed earlier through oversubscription.
360 Capital has earmarked assets for the Fund including a data centre in Perth which 360 Capital exchanged contracts for $37.0 million. The data centre is fully leased on a triple net lease to a major international data centre operator with approximately 7 years remaining on the lease.
360 Capital has entered into an agreement with Shaw and Partners, Moelis Australia and Morgans Corporate as joint lead managers and bookrunners to the IPO. The IPO will be limited to $100.0 million raising size and will provide a priority offer to both 360 Capital Group and 360 Capital Total Return securityholders. The Fund is targeting a total return of 10.0% per annum.