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Israeli real estate company Azrieli Group has acquired Norwegian data center company Green Mountain.
Azrieli today announced the acquisition of 100% of Green Mountain for approximately 2.8 billion shekels ($ 849.2 million) from Norwegian real estate company Smedvig. The company said the deal would be self-funded; on the one hand through a debt raising that the company is currently carrying out, and on the other hand through an unsecured loan.
“The acquisition of Green Mountain is a key step in realizing the Azrieli Group’s strategy for building international operations in the data center industry,” said Danna Azrieli, Chairman of the Azrieli Group. “The combination of operations in North America via Compass with the acquisition of Green Mountain in Europe will enable the Azrieli group to become a major global player in this growing and developing field. “
Founded in 2009, Green Mountain operates three data centers in Norway. Its flagship facility, DC1-Stavanger, is a former NATO ammunition storage facility built into a mountain with 22,600 m² (230,000 square feet) of space.
The company also operates the 7.5 MW DC2-Telemark facility in Rjukan as well as DC3-Oslo just outside the capital. He also has plans for a campus in the Kalberg Valley, and earlier this year he purchased 50,000 m² (538,000 square feet) at Haugaland Business Park in Gismarvik for a new data center.
Azrieli said Green Mountain has contracts of around 24 MW with customers for an average period of around 7.5 years. He also said the acquired company has construction and future development potential of up to 520 MW.
Azrieli is Israel’s largest real estate group. Founded in 1982, it invests primarily in shopping malls and offices and is listed on the Tel Aviv Stock Exchange. In 2019, it bought a 20% stake in Compass Datacenters and reportedly acquired a 6.5-acre site near Netanya last year due to an AWS data center.
Green Mountain has recently partnered with land-based lobster and trout farms to provide aquaculture sites with excess heat.
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