Brockton Capital has announced that Brockton Capital Fund II has acquired a majority stake in mid-market, data centre specialist Virtus Data Centres. Brockton Capital’s investment will facilitate the development of new Virtus data centre facilities. Virtus have also recently acquired a brown field site in Hayes, West London which will see the development of a new-build data centre delivering 20 MVA across circa 50,000 sq ft of net technical space. Planning is currently underway and the site is forecast to be operational in 2Q 2013.
Virtus will continue to make similar acquisitions in order to grow into one of the primary UK data centre operators, targeting a platform value of c.£500 million. In 2010, funds advised by Frogmore Real Estate Partners, through the second fund (FREP II), purchased, in joint venture with Virtus, the Enfield building and have already developed the first phase of Virtus’ Enfield data centre, which went live in March 2011.
Virtus have now let 75% of the live technical space at the Enfield data centre and the joint venture have commissioned phase two. The total site will deliver 8 MVA across 27,000 sq ft of net technical space.
Jason Blank, Co-Managing Partner at Brockton Capital commented: ‘We are investing with Virtus at the right time. Brockton Capital have found a team we want to back, in a sector with strong growth fundamentals. There are high barriers to entry to protect incumbents and Virtus are now looking to expand aggressively.’
Virtus’ UK MD, Warren Barrie, commented: ‘We’re delighted to have secured the backing of Brockton Capital. In addition to their capital, they bring a wealth of experience and expertise that will enable us to continue growing our business.'
Steve Norris, Virtus' Chairman, commented further; 'Virtus now has the financial backing to grow rapidly in this sector, this represents a real step change in the growth trajectory of the business.'