Hi @MidCapMan, my understanding is that ongoing maintenance...

Hi @MidCapMan, my understanding is that ongoing maintenance capex on established facilities is minimal. The upfront cash cost in term of buying the land and building the facility is significant which under the NXT business model is all done prior to selling any capacity at all. Then there is the fit out capex (also very chunky), but at least this is only spent in response to contracts rolling in. I agree that there is a lot going on in the underlying operations of each DC which isn't really fully disclosed in the consolidated accounts (ie what is the written down value of M1 for example), but I do feel that the case studies on M1 and S1 are quite instructive. IMO, the big risk with this business is how much unsold capacity they have when the music slows/stops. Thankfully that doesn't look like being an issue for a number of years.