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Global Switch Gains Milan Listing

LONDON-Global Switch, the telehousing and collocation specialist backed by TrizecHahn and Chelsfield has refinanced itself and gained a stock market listing by effectively reversing into its Italian partner

By Graham Parker | Updated on June 01, 2001

LONDON-Global Switch, the telehousing and collocation specialist backed by TrizecHahn and Chelsfield has refinanced itself and gained a stock market listing by effectively reversing into its Italian partner, the Milan-listed Risanamento Napoli.

The move values the existing Global Switch at euro495 million, and as part of the deal Risanamento will invest euro280 million of new capital in the business. This will be financed by the sale of Risanamento’s existing property portfolio.Cheslfield Chairman Elliot Bernerd said: ‘It is clear that the near term demand for telehousing and colocation services is showing less growth than was predicted some fourteen months ago when Chelsfield and TrizecHahn made their initial investment into Global Switch. There is a real sense of flux and what may prove to be important structural changes to the customer base.’

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