Molloy Planning Data Centre Drive Funded By Property

Property mogul Niall Molloy’s Echelon is planning to massively expand its data centre portfolio using funds from its parent Aldgate Developments.

The Times reports that Echelon Data Centres, which is already expanding fast in Ireland, is investing £150m in a joint venture to develop a London data centre, The Point at Greenwich View. It adds the company has plans to develop a portfolio of data centres across Europe.

Niall Molloy is founder of Echelon and Managing Director of Aldgate Developments, a prolific developer of major commercial buildings in Dublin and London, including Aldgate Tower. Echelon explain the relationship between the enterprises: “Echelon Data Centres was established in 2017 with the objective of developing, operating and owning a network of large-scale data centre campuses across Europe to meet the rapidly expanding global demand for data processing and storage solutions.

“We are owned by Aldgate Developments – a successful London and Dublin-based property company with a proven track record in large scale real estate and infrastructure development. We currently have over 1m sq ft of commercial development in progress between London and Dublin.

“The success of Aldgate Developments has provided the liquidity required to fund Echelon to date. All of our Data Centre sites are fully owned and our active projects are self funded. We have excellent relationships and delivery history with ‘blue-chip’ institutional funders and have confirmed access to the required capital to finance our upcoming data centre construction.”

Some, possibly Molloy himself, may see interesting parallels here with those more widely known and longer established property moguls David and Simon Reuben. The Reubens have recently sold out of their Global Switch data centre business, which they turned round since buying it in 2007, for a total sale value estimated at £6.3bn.

Source The Times
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