Search
 

Morley Buys into Global Switch

LONDON-Morley Fund Management has paid pounds 51.5 million ($82 million) for a 25% stake in Chelsfield's troubled Global Switch telehouse operation. The properties will form the core of a new limited partnership specialising in European technical real estate.

By Graham Parker | Updated on September 16, 2003

LONDON-Morley Fund management has acquired a 25% stake in Global Switch, the telehouse business owned by property company Chelsfield. It paid £51.5 million ($82 million) for the stake, and will use it to establish a new indirect vehicle. Morley will be fund manager and Chelsfield asset manager for the new limited partnership, which will specialise in computer facilties across Europe.

As a result, the Global Switch properties in Sydney and Singapore are excluded from the deal, but Chelsfield is looking for other investors to take on those properties. This leaves the fund with six sites: two in London and one each in Paris; Amsterdam; Frankfurt and Madrid together offering 1.4 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.