News & media Cordiant Managed Listed Fund Acquires Belgium TowerCo Norkring België
Cordiant Capital (“Cordiant”), the Investment Manager for Cordiant Digital Infrastructure Limited (“CDIL” or “the Company”), a sector-specialist Core+ LSE-listed fund (LSE: CORD), is pleased to announce the Company has agreed to acquire Norkring België NV (“Norkring”), an operator of 25 communication and broadcast towers in Belgium, from its current shareholders Telenor Communication II AS and Participatiemaatschappij Vlaanderen NV.
This strategic acquisition aligns with Cordiant’s proven ‘Buy, Build, and Grow’ investment approach focused on generating long-term value for investors. Leveraging its sector expertise and operational experience, Cordiant sources proprietary deals at attractive valuations to enter the market. Cordiant then invests growth capital to expand assets over time, while strengthening financial viability through robust ESG practices.
In CDIL, Cordiant has built a diversified portfolio combining stable cash flows from core digital networks with assets that have the potential for high growth in key sectors. This balanced base drives consistent returns for investors. Focus areas include interconnected mobile towers, data centres, managed private cloud, and emerging segments like edge computing, fibre, IoT, and DAS2.
The Norkring deal furthers CDIL’s geographic diversification across Europe. In addition to towers, Norkring holds broadcast licenses and provides essential services to media companies, telecoms, and mobile operators. It is conducting pioneering 5G broadcast triable to enable additional capabilities.
Norkring was acquired at an attractive €5.25 million enterprise value. The acquisition will be funded from CDIL’s balance sheet and is expected to complete by the end of the Company’s financial year, subject to regulatory approvals.
Benn Mikula, Cordiant Capital’s Co-CEO said: “This deal further demonstrates Cordiant’s disciplined acquisition strategy and ability to source value-add digital infrastructure assets. Our digital infrastructure teams’ operational expertise consistently improves assets, bringing big-company best practice to mid-sized platforms thereby enabling growth and building long-term investor value. This depth of experience stands out in the market, enabling better buying, better management and organic growth at platform companies.”
Steven Marshall, Cordiant’s Chairman of Digital Infrastructure added: “This acquisition represents an opportunity to acquire assets that offer a quality near-term income proposition and an experienced team. In addition, it provides a platform for further asset diversification in Western Europe and comes with technology and knowhow that have the potential to benefit the development of CORD’s other portfolio companies.”
ENDS
Media
Brunswick Group
+44 (0) 20 7404 5959
CordiantCapital@Brunswickgroup.com
About the Investment Manager
Cordiant Capital Inc is a specialist global infrastructure and real assets manager with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and selected global markets. Since the firm’s relaunch in 2016, Cordiant–a partner-owned and -run firm–has developed a track record of exceeding mandated investment targets for our clients.
Cordiant focuses on the next generation of infrastructure and real assets: sectors (digital infrastructure, energy transition infrastructure and agriculture value chain) characterised by growth tailwinds and technological dynamism. In addition, Cordiant applies a strong sustainability and ESG overlay to its investment activities.
With a mix of managed funds offering both value-add and core strategies in equity and direct lending, our sector investment teams (combining seasoned industry executives with traditional private capital investors) work with investee companies to develop innovative, tailored financing solutions backed by a comprehensive understanding of the sector and demonstrated operating capabilities. In this way, Cordiant aims to provide value to LPs seeking to complement existing infrastructure equity and infrastructure debt allocations.
Cordiant has offices in Montreal, London, São Paulo and Luxembourg.
About the Company
Cordiant Digital Infrastructure Limited primarily invests in the core infrastructure of the digital economy – data centres, fibre-optic networks and telecommunication and broadcast towers in Europe and North America. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.
In total, the Company has successfully raised £795 million in equity, along with a further €200m through a Eurobond with four European institutions; deploying the proceeds into four acquisitions: CRA; Hudson Interxchange; Emitel and Speed Fibre, which together offer stable, often index-linked income, and the opportunity for growth, in line with the Company’s Buy, Build & Grow model.
About Norkring
Based in Brussels, Belgium Norkring (i) operates 25 communication and broadcast towers, 8 of which are freehold and 17 leased, and (ii) is the holder of two DAB licences and one DTT multiplex licence. It is conducting trials as part of a consortium using 5G broadcast technology which are partially funded and supported by the Flemish government. 5G broadcast technology opens the potential to offer additional services to broadcasters and mobile operators to meet the growing demand for watching video content on the move. Video content already drives the most traffic on public mobile networks, accounting for around two-thirds of overall global mobile data consumption. The digital television market in Flanders currently has a limited number of viewers. However, there is a strong market for radio, with average listening times amongst the highest in Europe at 3.3 hours per day per listener, together with a healthy radio advertising market.
Disclaimer
This document, which has not been externally audited except where otherwise indicated, does not assess the merits of trading in any of the securities or loans of the company(ies) named herein and should not be relied on as a basis for any such transaction or for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solicitation of proxies or votes and should not be construed as consisting of investment advice. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations. Cordiant Capital Inc. is not providing any financial, economic, legal, accounting, or tax advice or recommendations. All investments involve risk, and past results do not guarantee future returns. We encourage you to consult with your professional advisor(s) on whether ESG is appropriate with your holistic investment strategy before investing. The material is not intended to make representations as to the environmental and sustainability initiatives of any third parties, whether named herein or otherwise, which may involve information and events that are beyond our control. Local rules on which projects, activities or investments may be considered to be “sustainable,” “green,” “ESG” or similar terms vary from jurisdiction to jurisdiction and this document does not make any representation or warranty as to the accuracy of such descriptions and is subject to any specific disclosures that may be made in relation to any given project, activity, investment at the point of sale where applicable. This document has been prepared using data and methodologies which are subject to certain limitations, including ongoing developments in: (a) applicable laws and regulations; (b) techniques and standards for measuring and analyzing relevant data; (c) judgments, estimations and assumptions; and (d) availability of relevant data. This material does not purport to contain a comprehensive overview of Cordiant’s managed portfolios and may differ from the views and opinions of other departments or divisions of Cordiant and its affiliates. The use of third-party logos is purely for informational purposes. No affiliation, sponsorship or endorsement by or for any third-party trademark owner is hereby expressed or implied. Stock images were included for illustrative purposes and are not owned by or featuring the company that is the subject of every case study. We have included in this report statements that may constitute “forward-looking statements.” Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond our control. These statements relate to, among other things, our goals, targets, aspirations and objectives, and include the use of projections in connection with aggregated key performance indicator (KPI) metrics provided by third parties, and actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements, including KPI projections. Factors that could cause our results to differ from the forward-looking statements include global socio-demographic and economic trends, energy prices, technological innovations, scientific developments, increased availability of relevant data, climate-related conditions and weather events, legislative and regulatory changes, and other unforeseen events or conditions.
