Emerging market towers come of age
Increasing comfort with the towerco business model and pipeline of opportunities attracts a deeper pool of investors
As emerging market towercos are getting bigger, as tenancy ratios are growing, as the pipeline of future opportunities is becoming more visible and those opportunities are getting bigger, so the pool of interested investors is swelled by bigger companies able to write bigger cheques.
If you’ll forgive my gross over-simplification, there’s an important point here; emerging market towers are coming of age as an asset class. Where once when a new investment firm created an account at www.towerxchange.com I often had to look them up because they were smaller, pioneering early stage investors that I hadn’t previously encountered, now TowerXchange’s research is being read by Macquarie, Providence Equity, Berkshire Partners, The Carlyle Group, Goldman Sachs and a growing number of sovereign wealth funds.