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Azrieli Group Acquires Norway’s Green Mountain for $850 Million

Azrieli Buys Green Mountain (from Green Mountain Website)

Smedvig, the majority owner of Green Mountain, has agreed to sell the company to Azrieli Group Ltd., an Israeli publicly traded real estate investment and development company on the Tel Aviv Stock Exchange. The sale price was reportedly $850 million.

You certainly have heard of data centers. Everybody has. All the big companies like Amazon keep on building them. They are also building new ones in Israel. In part, the need for more and more data centers is being fueled by the growth of cloud computing. As people and organizations use more and more Software as a Service offered on line and cloud based storage the need for more physical servers increases.

But all of these new data centers require an enormous amount of power. And expending large amounts of energy is always bad for the environment. But Green Mountain is a “green” company.

Green Mountain boasts that their data centers are some of the world’s greenest. The company explains that their “unique location” enables it to use 100% renewable hydropower to operate and cool their award-winning, high efficiency facilities, located deep inside Norwegian mountains.

Green Mountain is a private company which was incorporated in Norway in 2009. Green Mountain has operated in the field of server farms since its incorporation in three main areas: planning and construction of server farms with high-level information security; provision of advanced service farm services to organizations and wholesale customers; operation of server farms, while using 100% renewable energies.

The company holds several properties which are leased to third parties and are used by Green Mountain for its operations in the field of server farms. Green Mountain operates three server farms in Norway and has signed contracts for approx. 24 MW with customers for an average period of approx. 7.5 years. Green Mountain also has future construction and development potential at these and additional sites of approx. 520 MW.

From left Sten Falkum, CEO of Hima Seafood and Tor Kristian Gyland, CEO of Green Mountain. (from Green Mountain Website)

Danna Azrieli, Chairman of Azrieli Group, said, “Acquiring Green Mountain is a key milestone in realizing Azrieli Group’s strategy for building international operations in the Data Centers sector. The combination of the operations in North America through Compass with the acquisition of Green Mountain in Europe will allow Azrieli Group to become a significant global player in this growing and developing arena.”

“The Data Centers sector represents the new income-producing real estate world and is experiencing high growth rates. We are making a significant investment in Europe through the acquisition of a high-quality platform with growth potential, experienced and knowledgeable management, and excellent assets. After several years of the Group’s operating in the field, I believe that the Data Centers sector will be another significant growth engine for Azrieli Group.”

Farm Project Green Mountain (from Green Mountain Website)

Azrieli Group is Israel’s largest real estate group, which has built and operates Israel’s leading nationwide chain of income-producing properties (including shopping malls, offices The Group also holds 3.1% of Bank Leumi Le-Israel Ltd.

The Group was founded by the late Mr. David Azrieli, the renowned entrepreneur, architect and businessman. The Azrieli family holds 55% of the Group, and the Azrieli Foundations (in Canada and Israel) hold 15% of the Group.

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