Israel's Azrieli acquires Norway's Green Mountain

19 July 2021 | Antony Savvas

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Israeli real estate group Azrieli is acquiring 100% of Norway data centre services firm Green Mountain for around $850 million, to expand its data centre activity.

Green Mountain currently operates three data centres in Norway with customer contracts totalling around 24MW of power capacity, for an average contract period of 7.5 years, said Azrieli.

“Green Mountain also has future construction and development potential at these and additional sites of around 520MW,” it added.

The deal will be self-financed, through current debt raising and a new company loan that covers 50% of the value.

The company says it intends to use Green Mountain's management, professional knowledge and business ties to grow its European presence.

In 2019, Azrieli acquired a 20% stake in North America data centre services firm Compass.

Danna Azrieli, chairman of Azrieli Group, said: “The combination of the operations in North America through Compass with the acquisition of Green Mountain in Europe will allow Azrieli Group to become a significant global player in this growing and developing arena.”

He added: “The data centre sector represents the new income-producing real estate world and is experiencing high growth rates. I believe the sector will be another significant growth engine for Azrieli Group.”

Founded in 1982, Azrieli is listed on the Tel Aviv Stock Exchange.