American Tower creates new venture in Europe
Does the restructuring of ATC Europe as a JV show a renewed commitment to the burgeoning European market, or a desire to limit exposure
American Tower has announced the formation of a joint venture ‘ATC Europe’ which will focus on pursuing telecommunications real estate investment opportunities in Europe. Their partner, PGGM, a Dutch pension fund manager, will own 49% of the venture, although American Tower will maintain control of day to day operations.
According to James Taiclet, American Tower’s Chairman, President and Chief Executive Officer, “The transaction supports our objective to continue to drive double digit total shareholder return by selectively pursuing growth across Europe, while at the same time reinvesting the proceeds from this transaction into higher growth assets around the world by utilizing our disciplined capital allocation process.”