Cordiant Digital Infrastructure

Cordiant Digital Infrastructure beats £300m target

15 February 2021 | Melanie Mingas

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Cordiant Digital Infrastructure, which aimed to raise £300 million for a digital infrastructure investment trust, has exceeded its target, announcing gross proceeds of £370 million.

An application will be made for 370,000,000 ordinary shares and 46,249,982 subscription shares to be admitted to trading on the specialist fund segment of the London Stock Exchange’s main market.

It is expected that initial admission will become effective and that dealings will commence at 8.00 am GMT, tomorrow, 16 February.

Confirming the £370 million, Benn Mikula, managing partner and co-CEO of Cordiant Capital Inc., said: “I would like to thank our new shareholders for their support in the launch of a dedicated digital infrastructure investment trust. This is an exciting time to be investing in digital infrastructure and we look forward to updating you on the first investments in the coming months.”

As Capacity reported last month, the company planned to issue 300 million ordinary shares at an issue price of 100p via an initial placing and an offer for subscription. At the time it said it was targeting an initial dividend of 1p per ordinary share in the first full financial year, rising to 2-3p in the second full financial year and, thereafter, a progressive dividend, rising to at least 4p in the fifth full financial year.

The objective was to generate "attractive total returns for shareholders over the longer term", comprising capital growth and a progressive dividend through investment in digital infrastructure assets, with a predominant focus on data centres, mobile telecommunications and broadcast towers, and fibre-optic network assets.

Shonaid Jemmett-Page, chairman of the Company, said: “The board is delighted at the broad and deep support from our new shareholders for the launch of the company. This is recognition, in our view, of the strength of our management team and the potential for the strategy to deliver both investment returns and positive impact across societies. We thank you for your support.”

Talking about the fund, Steven Marshall, the executive chairman and managing partner of Cordiant Capital will feature in the April/May edition of Capacity magazine.