Springfield Land Corporation buys Suncorp’s Polaris share

Springfield Land Corporation buys Suncorp’s Polaris share

Suncorp divests data centre holding in $110.5 million deal

Springfield Land Corporation is now the sole owner of the tier three Polaris data centre in Springfield, Queensland following its acquisition of Suncorp Bank’s half share for $110.5 million.

The data centre, which was built at a cost of $220 million in January 2009, has tenants including Suncorp, NBN Co, NEC and HP.

Springfield Land Corporation chairman, Maha Sinnathamby, said that the facility was currently the most valuable building in the Springfield development project. “Data centres are an emerging asset class and it makes sound financial sense for the company to acquire Suncorp’s share of the facility,” he said in a statement.

Suncorp Bank executive general manager, John Debenham, said that while he had been happy with the investment, the time was right to divest the holding. “Moving forward, Suncorp Group continues to be involved in the project, retaining a third of the floor space in the facility for its data needs in the region,” he said in a statement.

The 14,000-square-metre facility serves as a disaster recovery (DR) site, internet data centre, Cloud delivery node and a carrier interconnect exchange for its tenants.

Polaris has also built a $200 million, 7000-square-metre data centre in the Melbourne suburb of Derimut due to near capacity at the Springfield facility.

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