The developer Niall Molloy has joined the data centre gold rush. Last week his company, Echelon, which is developing data centres in Ireland and the UK, announced it had received an $850 million investment from the private equity firm Starwood Capital.
Starwood is to become a 50 per cent shareholder. Pioneer Point, a minority shareholder in Echelon, has been bought out of it 15 per cent cent holding and there will be a handsome payday for Molloy and management, yet much of the new fund will be new capital for the business. Molloy’s remaining stake is believed to be worth about €600 million — on paper at least.
Molloy, a seasoned property developer, founded Aldgate Developments with his brother, Paul, developing projects in Dublin and