I dont see data centres as the same as a typical office building. For one thing the high tech nature means that your rent is not dependent on your 'tenant' primarily, but the quality of your technology.
The guys selling their infrastructure to a trust lose control over their core assets and have convinced the market that the cash flow is the key, not the ability to swoop in over a three month period and upgrade infrastructure should technology be updated.
I prefer the maq model. I suspect they are looking at returns between 17 to 30 pc if the economics are similar to overseas markets. Not 10 pc.
But these are fast depreciating assets. Not just brick.
I think by the end of the june half we should have enough information to fairly value maq.
MAQ Price at posting:
$8.10 Sentiment: None Disclosure: Held
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