Securus Fund acquires 50% stake in Citadel 100

Data centre adds to growing portfolio.

Securus Data Property Fund (Securus Fund), which is jointly managed by Keppel Data Centre Investment Management Pte. Ltd. (Keppel DCIM), wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd (Keppel T&T) and AEP Investment Management Pte. Ltd. (AEPim), announced that it has acquired a 50%-stake in a data centre in Dublin, Ireland, Citadel 100 Datacenters Limited (Citadel 100). 

Founded in 2002, Citadel 100 provides state-of-the-art data centre co-location and business contingency services. Its facilities are designed to provide high standards of security, air handling and high density resilient power. Spanning 65,000 square feet of Tier III data centre space, Citadel 100 is occupied by leading international blue chip companies with long-term multi-year co-location agreements. Keppel T&T holds the other 50% share of Citadel 100, which was acquired in 2007.

This is the first acquisition Securus Fund has made since it announced its successful second round capital raising earlier this year. Citadel 100 is the fifth asset to be added to Securus Fund’s existing portfolio of high quality data centre assets in Australia, Malaysia and the UK.

Jonathan King, Principal of AEPim and Co-Fund Manager of Securus Fund, said, “Having completed our second capital raising, the Fund’s investment in Citadel 100 is a continuation of our strategy to grow our portfolio by acquiring high quality data centre facilities housing blue chip tenants. The Fund is excited to partner with Keppel T&T in this quality asset.”

Mr Bruno Lopez, CEO (Keppel Data Centres) and Co-Fund Manager of Securus Fund, added, “Keppel Data Centres, together with Securus Fund, now has a combined portfolio of seven high quality data centres in Europe and Asia Pacific. As Securus Fund is currently evaluating several opportunities to expand the footprint in Europe. we will now be able to jointly leverage Citadel 100’s proven competencies across the platform.”

Ireland continues to be an important data centre hub for European companies. According to CBRE, Ireland is an attractive location for companies to site their pan-European data centres given its relatively low corporate tax, strong telecom and IT infrastructure, large ICT skilled workforce, and cool climate which allows for data centres to tap on “free” cooling air. By June 2012, supply of carrier neutral co-location space in Ireland stood at close to 37,000 square metres while available space was less than 10%.

Mr King added, “With its unique location and expanding fibre connectivity, the Dublin market is one of the leading data centre hubs in Europe and has been experiencing strong demand for data centres. Leveraging its impressive track record and customer base, we believe Citadel 100 is well-poised to benefit from the strong data centre demand growth in Dublin.”