Azrieli Group has just signed an agreement to acquire Norwegian data center company Green Mountain with operations in Scandinavia which are powered by 100% renewable energy sources.

In the transaction that is worth about NIS 2.8 billion (approx. US$850 Million), Azrieli Group is acquiring 100% of the share capital of Green Mountain, gaining three Green Mountain server farms in Norway which currently has signed contracts for about 24MW with customers for an average period of approx. 7.5 years.

“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,” said Danna Azrieli, Chairman of Azrieli Group.

“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.”

Azrieli Group is an Israeli publicly traded real estate investment and development company with interest in the data center industry. Through this acquisition, Azrieli intends to further achieve its goals of becoming a leading data center player in the European market. Azrieli also has a record in the US Data Center sector through its investment in Compass Datacenter, supporting their growth.

“With the capital and expertise of Azrieli we are extremely well positioned to take important market shares. It has been a long process and we are very satisfied with the final outcome,” said Tor Kristian Gyland, CEO of Green Mountain.

Green Mountain has been in operation for a decade now and looks to keep serving the Nordic data center market through Azrieli, as well as further leverage its future construction and development potential at current and additional sites with an approximate capacity of 520 MW upon full usage.