Azrieli Group Signs €1 Billion Data Center Agreement in Norway, Shares Rise 8.9%
Azrieli Group's shares rose 8.9% after announcing a €1 billion agreement to provide 80 megawatts of data center services in Norway for a major tech company. The project, managed by its subsidiary Green Mountain Global, is expected to generate an annual net operating income of €117 million, a 17% increase from its current NOI. The first 20 megawatts are set to be delivered by March 2027, contributing to Azrieli's expanding presence in the data center sector.
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Azrieli Group's share price increased 8.9% following a report of a new agreement to provide 80 megawatts of data center services to a major international tech company. The services will be delivered on a campus in Norway, built by Azrieli's subsidiary Green Mountain Global, with an estimated project cost of €1 billion plus €60 million in financing.
The agreement is projected to generate an annual net operating income (NOI) of €117 million for Azrieli, marking a 17% increase from its current NOI of NIS 2.6 billion. Delivery of the first 20 megawatts is scheduled for March 2027, with a 15-year service period.
Azrieli has a growing presence in the data center sector, with assets generating 17% of its total, and reported a 173% revenue increase in this sector for the year. The company also secured €592 million in financing for a data center in Frankfurt, Germany.
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