GIC Is Said to Mull Sale of Stake in European Data Center JV (1)

GIC Pte is considering a sale of its 80% stake in a European data center joint venture, a potential deal that could value the business at about €2 billion ($2.4 billion) including debt, people with knowledge of the matter said.

The Singaporean wealth fund is working with Eastdil Secured LLC to gauge buyer interest in the stake, which could fetch around €800 million to €1 billion, the people said. The joint venture operates data centers under the xScale brand.

GIC is targeting infrastructure-focused investors and is planning to distribute marketing materials to potential suitors in the coming days, according to ...