Vodafone New Zealand Explores Sale Of Towers

Vodafone New Zealand Ltd sought prospective buyers for its wireless phone towers that provide coverage to about 98% of the country’s population, Bloomberg reports.
Infratil Ltd IFUUF and Brookfield Asset Management Inc BAM own Vodafone New Zealand.
Vodafone looks to dispose of ~1,487 mobile cell sites likely to generate Ebitda of over NZ$50 million ($34 million) in the financial year starting April 1.
The assets, viewed as New Zealand’s most extensive tower portfolio, could be worth up to NZ$1.5 billion.
The towers on sale have an average lease term of about 13 years. It will add 290 more sites by the year ending March 2027.
Pension funds and asset managers flush with cash find digital infrastructure appealing because of the growth and assured long-term returns they offer.
Price Action: BAM shares closed lower by 1.55% at $53.92 on Thursday.