BEIJING, Nov. 28, 2024 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a number one carrier- and cloud-neutral web knowledge heart companies supplier in China, in the present day introduced that the Firm has executed a definitive settlement (the “Agreement”) with Dajia Funding Holding Firm Ltd. (“Dajia”), an entirely owned subsidiary of Dajia Insurance coverage Group  underneath which each events will collectively kind a pre-REITs fund (the “Fund”) to put money into hyperscale knowledge facilities in mainland China. This initiative marks a major milestone for China’s knowledge heart sector, reflecting the rising pattern amongst home institutional buyers to channel investments into new infrastructure initiatives in mainland China.
Pursuant to the Settlement, the underlying belongings (the “Assets”) for the Fund’s preliminary funding are the primary and second phases of VNET’s Taicang IDC Campus, which presently has a complete IT capability of roughly 210MW and an estimated worth of RMB5.74 billion, reflecting an implied post-closing valuation of roughly 10.1x EV/EBITDA. VNET will retain a 51% fairness curiosity within the Belongings by the Fund, whereas Dajia  will purchase and maintain the  remaining 49% curiosity. VNET will consolidate the monetary outcomes of the Fund and its underlying belongings into VNET’s monetary statements for monetary reporting functions and can proceed to function the Belongings to make sure secure, premium IDC companies for its prospects.
Josh Sheng Chen, Founder, Govt Chairperson and interim Chief Govt Officer of VNET, commented, “We are thrilled to announce this transaction. It demonstrates our prowess in effectively managing capital and asset operating cycles, bolstering our capital sources with long-term investors while further enhancing our balance sheet efficiency. We will continue to pursue innovative financing structures and explore exits for our existing premium data centers, building a healthy, sustainable capital and asset cycle that propels our long-term growth while contributing to China’s high quality digital economy development.”
About VNET
VNET Group, Inc. is a number one carrier- and cloud-neutral web knowledge heart companies supplier in China. VNET gives internet hosting and associated companies, together with IDC companies, cloud companies, and enterprise VPN companies to enhance the reliability, safety, and pace of its prospects’ web infrastructure. Clients might find their servers and tools in VNET’s knowledge facilities and connect with China’s web spine. VNET operates in additional than 30 cities all through China, servicing a diversified and dependable base of over 7,000 internet hosting and associated enterprise prospects that span quite a few industries starting from web corporations to authorities entities and blue-chip enterprises to small- to mid-sized enterprises.
About Dajia Funding Holding Firm Ltd.
Dajia Funding Holding Firm Ltd. is an alternate asset funding administration firm wholly owned by Dajia Insurance coverage Group. It invests in high-quality belongings with progress potential throughout China, specializing in sectors comparable to clear energies, trendy logistics, knowledge facilities, industrial parks, rental housing, and retail infrastructures.
Protected Harbor Assertion Â
This announcement incorporates forward-looking statements. These forward-looking statements are made underneath the “safe harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These statements might be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and comparable statements. Amongst different issues, quotations from administration on this announcement in addition to VNET’s strategic and operational plans, together with the plan to function the Belongings underneath the pre-REITs venture, include forward-looking statements. VNET may make written or oral forward-looking statements in its reviews filed with, or furnished to, the U.S. Securities and Trade Fee, in its annual reviews to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Statements that aren’t historic info, together with statements about VNET’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Plenty of components might trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: VNET’s targets and methods; VNET’s liquidity situations; VNET’s enlargement plans; the anticipated progress of the info heart companies market; expectations relating to demand for, and market acceptance of, VNET’s companies; VNET’s expectations relating to retaining and strengthening its relationships with prospects; VNET’s plans to put money into analysis and growth to reinforce its answer and repair choices; and basic financial and enterprise situations within the areas the place VNET gives options and companies. Additional info relating to these and different dangers is included in VNET’s reviews filed with, or furnished to, the U.S. Securities and Trade Fee. All info offered on this press launch is as of the date of this press launch, and VNET undertakes no obligation to replace such info, besides as required underneath relevant legislation.
Investor Relations Contact:
Xinyuan LiuTel: +86 10 8456 2121
E-mail: Â ir@vnet.com
