In March 2024, D9 shareholders approved the managed wind-down of the London-listed investment trust. InfraRed has been tasked by the newly appointed D9 Board with the disposal of its five remaining digital infrastructure assets, with the objective of maximising shareholder value. The largest of these assets is an investment in Arqiva, which provides digital infrastructure, broadcast transmission and smart meter facilities across the UK.
InfraRed has made 8 investments in the digital infrastructure sector for its core and value-add strategies, and actively collaborates with the management teams of its infrastructure investments to realise value. The InfraRed team will draw on this experience as they work with the respective management teams of D9’s assets ahead of disposal.
InfraRed has more than 15 years’ listed experience and is the manager of two of the largest UK-listed infrastructure investment companies. The business has a strong divestment track record having successfully sold assets from across its strategies through all market environments*. Since the start of 2023, InfraRed has divested £1.7bn of assets across strategies and sectors, achieving a 11% premium to carrying value, despite the challenging market backdrop.
James O’Halloran a Partner at InfraRed will become the new D9 Fund Manager. He has over 20 years of infrastructure investment M&A experience across a range of strategies, with a particular focus on the listed sector. James will lead a dedicated team drawn from across InfraRed’s 160 strong platform, including fund management, portfolio management, investments and asset management.
James O’Halloran, Partner, InfraRed, said: “InfraRed’s 25-year history as a value-add investor, including in digital infrastructure, coupled with its deep expertise as the long-standing manager of two pre-eminent listed infrastructure investment companies and successful disposal track record over the last 18-months, will be brought to bear as we seek to deliver for D9’s shareholders. We are looking forward to working closely with the Board to maximise shareholder value.”
Eric Sanderson, Chairman of Digital 9 Infrastructure plc, commented: “We are pleased to welcome InfraRed as D9’s new investment manager and look forward to working with the team during the managed wind-down.”
ENDS
* Past performance is not a reliable indicator of future performance
About InfraRed Capital Partners
InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn+ of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.
A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed is a signatory of the Principles of Responsible Investment (PRI) [2], a member of the Net Zero Asset Manager’s Initiative, and is a TCFD supporter.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.
For more information, please visit www.ircp.com.
[1] Uses 5-year average FX as at 31st March 2024 of GBP/USD of 1.2839; EUR/USD 1.1179. EUM is USD 12.927m
[2] Information on the Principles for Responsible Investment (“PRI”) ratings are available at https://www.unpri.org/about-the-pri
About Digital 9 Infrastructure
Digital 9 Infrastructure plc (D9) is an investment trust listed on the London Stock Exchange and a constituent of the FTSE All-Share, with the ticker DGI9. The Company’s investment objective is to undertake a managed wind-down of the Company and realise all existing assets in the Company’s portfolio in an orderly manner.
For more information, please visit www.d9infrastructure.com.
