October 23, 2025
Hong Kong real estate firm Grand Ming Group Holdings Ltd. is finalizing a deal to sell its data center business to London-based private equity firm Actis for HK$5.25 billion (US$675 million), according to market sources.
The transaction, confirmed by sources to Mingtiandi on Tuesday, would see Actis acquire Grand Ming’s portfolio of four data center facilities in Hong Kong. The sale concludes a prolonged effort by the real estate developer to divest this segment of its business.
The portfolio includes two operational facilities, iTech Tower and iTech Tower 2, which are run by Grand Ming subsidiaries Wellford Properties Limited and Winning Tech Limited, respectively. Also included are two developments, iTech Tower 3.1 and iTech Tower 3.2, owned by subsidiaries Regal Development and Golden Ford.
This potential deal follows a previous, unsuccessful attempt by Grand Ming to sell part of its data center assets. In September 2025, an exclusivity period with US investment firm Bain Capital expired without a definitive agreement. Grand Ming stated at the time that the HK$2.15 billion (US$276 million) proposal had fallen through because the parties “were unable to align on certain key commercial terms.”
Last month, Grand Ming announced it had entered into a non-binding indicative term sheet with an undisclosed buyer, now identified as Actis. The terms stipulate that Actis will acquire a 100 percent equity interest in Wellford Properties Holdings Limited and Wellford Properties Limited, key subsidiaries holding the data center assets.
The acquisition aligns with Actis's strategy of investing in digital infrastructure across growth markets. In March of this year, an Actis-led consortium acquired Telkom’s Swiftnet tower unit in South Africa. The firm also launched Epoch Digital, an Asia-focused digital infrastructure platform, in June of last year.
Established in 1995, Grand Ming is an investment holding company whose primary business is building construction, including design, alteration works, and building service engineering.
SOURCE DCD
