Street Talk

David Di Pilla swoops on $2b data centre group Global Switch Australia

Sarah Thompson, Kanika Sood and Emma Rapaport

Oct 3, 2024 – 4.34pm

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David Di Pilla’s HMC Capital is getting into the red-hot data centres sector, closing in on a $2 billion purchase of Global Switch Australia, which owns two large-scale developments in inner Sydney. Those assets will anchor a $1 billion real estate play that the veteran dealmaker and former UBS banker intends to list this year.

The deal is but a splash in the ocean compared to the mega purchase of AirTrunk by Blackstone, which bought the operation from Macquarie Asset Management and PSP Investments for $24 billion-plus last month.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.