Gatehouse Bank PLC, a London-based, Kuwaiti-owned, wholesale Shariah-compliant bank last week completed the £25.2 million acquisition of the Atos Origin Data Centre in Andover. This purchase increases the Bank’s portfolio of recently acquired UK assets to more than £300 million.
The facility is a 58,000 sq ft, highly specified, fully fitted, Tier III data centre. The asset is leased until 2030 to a UK subsidiary of Atos (formerly: Atos Origin SA), the Euronext-listed technology company with a current market capitalisation of c. EUR 2.8 billion. The corporate entity holding the asset was acquired for £25.2 million, representing an initial yield of c. 7%.
In addition to delivering an attractive yield and a secure, long-term income stream, the asset also offers an excellent opportunity for growth due to the reversionary nature of the rental income, annual RPI increases which are subject to a minimum of 2.5%, and the fact that planning permission has been granted for a further 35,000 sq ft with electricity at a 14 MVA rating.
Excellion Capital acted as sole adviser to Gatehouse Bank in connection with this transaction.