Alpha Real Trust Limited Commitment Secured for Data Centre (5052U)
25 October 2017 - 5:00PM
UK Regulatory
TIDMARTL
RNS Number : 5052U
Alpha Real Trust Limited
25 October 2017
25 October 2017
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE
"COMPANY")
Planning consent and power supply commitment secured for data
centre
Alpha Real Trust announces that it has successfully secured
detailed planning consent for a 40,338 square metre data centre
building at its data centre site, together with a commitment from
the local utility provider to connect a 35 MVA dual feed power
supply to the site.
As announced in November 2016, Alpha Real Trust entered into a
conditional agreement to purchase, via a SPV, an industrial site in
Frankfurt which it identified as being suitable for the development
of a data centre, where the high barriers of entry to this sector
were potentially capable of being met. The agreement to purchase
the site was subject to securing planning consent for a data centre
with a minimum gross external area of 23,000 square metres and a
specified minimum electrical power supply with a dual feed for the
proposed development.
During the intervening period Alpha Real Trust undertook a
detailed planning exercise, creating detailed designs for a data
centre building and its mechanical and electrical systems.
Following a collaborative approach with the local authorities,
detailed planning consent was approved for a five-story data centre
extending to 40,338 square metres. Further, the local utility
provider has offered to supply a dual feed power supply on a phased
basis over the coming three years, synchronised with local
electricity substation and cable route upgrades.
Following the achievement of the above milestones the conditions
precedent for the site purchase have now been satisfied. The
Company is hence now in the process of completing the site purchase
and formalising the power commitment contract. The payment of the
outstanding site purchase price is EUR12.85 million. The
electricity supply cost commitments will become payable in phases
during the electricity upgrade period of approximately three years.
Associated costs relating to the construction of an electricity
receptor building on the site and associated pre-identified ground
preparation works will also be undertaken. These commitments will
bring the Company's total investment into the data centre project
to EUR28 million.
The Company's strategy is to secure a tenant pre-let and fund
the balance of development costs with debt. Active marketing of the
project to potential data centre occupiers is already underway.
The securing of planning consent and a power commitment
represents a significant step in the advancement of the Company's
build-to-rent portfolio.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to the Company
Richard Gray / Andrew Potts +44 (0) 20 7886 2500
Registered office: Old Bank Chambers, La Grande Rue, St
Martin's, Guernsey, GY4 6RT
Alpha Real Trust Limited is advised by Alpha Real Capital LLP,
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDOKQDQPBDDKKB
(END) Dow Jones Newswires
October 25, 2017 02:00 ET (06:00 GMT)
Alpha Real (LSE:ARTL)
Historical Stock Chart
From Apr 2024 to May 2024
Alpha Real (LSE:ARTL)
Historical Stock Chart
From May 2023 to May 2024