No Media Coverage, page-63

Couldn't agree more - when the ducks quack feed them.

HMC wrapped up a few lower grade assets into this fund for retail investors like a Christmas present.

Countless other bigger players in the space could have taken these assets out prior to this.. ask yourself why they were still available for HMC to come along and buy them up, only to spin them out into this vehicle shortly after. Nearly every substantial data centre player in the ANZ/APAC market has raised capital this year to fund their own operations, if these assets were worth buying why wouldn't they have just purchased them instead of going through the pain of planning, development, construction of new assets?

An example is the Global Switch Sydney assets that were purchased.
It was made up of Sydney West which was initially built, then expanded into Sydney East. Sydney West was flagged as being completed in early 2000's, with East was completed in mid 2010's - which gives you a fair idea of the age of the assets. Sure refurbishments or upgrade works could have been done, which can be seen through countless media reports of additional expansions taking place, however in a fast moving industry it is still on the older end of the spectrum.

Just to add some food for thought on how old the assets are - Airtrunk was only founded in 2015.

Claiming the data centre space is hot, or AI this, AI that, isn't an investment thesis - there's a price for everything & quality matters.