Mega Or and BIG Establish Joint Venture for European Data Center Investments
Translated & summarized from TheMarker by baba
Real estate firm Mega Or, co-controlled by Tzachi and Efrat Drori Nahmias, is expanding its data center business into Central and Eastern Europe through a joint venture with BIG. This strategic move follows a stock surge and addresses limitations on data center construction in Israel. Mega Or reported a 17% rise in NOI and FFO for the third quarter.
The story in 5 lines · by baba
- Mega Or and BIG are forming a joint venture to invest in data centers across Central and Eastern Europe.
- The expansion into Europe is driven by limitations on building data centers within Israel.
- Mega Or reported a 17% increase in NOI and FFO in the third quarter.
- The company anticipates substantial revenue growth from data centers in the coming years.
- Mega Or is controlled by Tzachi Nahmias and Efrat Drori Nahmias.
Real estate company Mega Or, controlled by Tzachi Nahmias and his wife Efrat Drori Nahmias, is planning to expand its data center operations into Europe. This move comes after a surge in Mega Or's stock and amid limitations imposed by the Israel Electric Corporation on establishing data centers within Israel. The company will partner with BIG for this European expansion.
Mega Or announced on Wednesday the establishment of this new European venture, which will be conducted through its wholly-owned subsidiary, Mega Or DC. The company reported a 17% increase in Net Operating Income (NOI) and Funds From Operations (FFO) in the third quarter and anticipates significant revenue growth from its data center activities in the coming years.