Azrieli Weighs Options for Green Mountain Data Center Arm

Israeli real estate firm reportedly held discussions with investors about the future of Green Mountain.

Bloomberg News

January 18, 2024

1 Min Read
Rendering of Green Mountain's TikTok data center under construction in Hamar, Norway
Rendering of Green Mountain's TikTok data center under construction in Hamar, NorwayImage: Green Mountain

(Bloomberg) -- Israeli real estate firm Azrieli Group is considering options for its data center arm including a potential initial public offering, according to people familiar with the matter.

Azrieli has held early discussions with potential advisers about possibilities for the business, known as Green Mountain, the people said. It could also seek to raise a private round of funding for the Norway-based unit, according to the people. 

Green Mountain could be valued at as much as £2.5 billion ($3.2 billion) in a listing and is considering London as a potential venue, the people said, asking not to be identified because the information is private. If it opts for an IPO, the share sale would likely only take place later this year or next year, the people said. 

Azrieli is still in the early stages of examining options and there’s no certainty a transaction will result. Representatives for Azrieli and Green Mountain declined to comment.

An IPO would be welcome news for London, which has struggled to attract issuers in recent years. Just $1 billion was raised in the UK via fresh listings last year in the worst showing for the market in decades, according to data compiled by Bloomberg.

Green Mountain’s data centers are powered by low-cost renewable power. It has a facility in London, besides sites in Norway for clients including social media giant TikTok Inc. It’s also working on a new center in Germany.

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