Rogers Communications has agreed to sell nine of its twelve Canadian data centres to United Kingdom–based InfraRed Capital Partners, a subsidiary of Sun Life Financial. Terms of the deal have not been disclosed. The transaction is expected to close by the end of 2025, subject to regulatory approval.
The properties have been on the market since December 2023, when Rogers announced plans to raise $1 billion through the sale of real estate to reduce debt from its acquisition of Shaw Communications. Rogers has stated it will retain only the data centres used for its own business operations.
According to the company’s website, Rogers owns three data centres in Calgary, three in Ottawa, two in Edmonton, and one each in London, Hamilton, Toronto, and Halifax. Nine of the twelve hold Uptime Tier III certification, while the London, Hamilton, and Halifax facilities do not.
In June 2024, Rogers Chief Financial Officer Glenn Brandt said on an earnings call that sales of non-core assets were taking longer than expected due to continued softness in the market ahead of anticipated interest rate reductions.
Over the past year, the Canada Pension Plan Investment Board has invested $1 billion in Canadian data centres, including $225 million this month for a facility in Cambridge, Ontario. In 2024, the federal government announced $2 billion in funding for artificial intelligence and digital infrastructure under its AI Compute Strategy.
InfraRed Capital Partners manages US$13 billion in equity across more than 240 assets in 18 countries.
