G.Network closes new financing with Cube

G.Network, Albion Capital and Cube IM are pleased to announce that G.Network and Albion have closed an agreement with Cube Infrastructure Fund II, whereby Cube II is providing an initial GBP60 million of additional funding to G.Network.

G.Network is a fast-growing full fibre local access connectivity provider focused on London. G.Network is building and operating new Fibre to the Premises (FTTP) infrastructure across the capital to provide affordable ultra-fast fibre connectivity to businesses and residents. G.Network’s full fibre local access solutions are bridging the gap between old constrained copper-based services and long lead-time expensive leased lines.

G.Network works closely with Landlords and London’s councils to provide both new and existing buildings with fibre so tenants can enjoy gigabit connectivity from day one and at short notice.

Cube II is a European brownfield infrastructure fund managed by Cube IM, a leading European infrastructure fund manager with extensive telecommunication infrastructure experience.

Cube II’s investment will support the next phase of G.Network’s roll out to provide FTTP connectivity to more than 120,000 premises across London and shared access for all telecommunication operators including mobile network operators.

Sasho Veselinski and David Sangster, co-founders of G.Network, said: "We are excited to be working with Cube Infrastructure, as reference shareholder. Cube is an outstanding partner, with a great experience in investing in FTTP projects and a like-minded approach to the development of communication infrastructure. This investment will ensure that we can roll out our network more quickly with a view to satisfying the demand from businesses and homes across London for our market-leading services."

Henri Piganeau, Managing Partner at Cube Infrastructure Managers, added: "G.Network represents a compelling proposition for the enormous number of businesses and also residents in London, who are chronically under-served by existing connectivity infrastructure. We look forward to working with G.Network’s management over the coming years to help the business develop its full fibre network and to significantly improve ultra-fast connectivity across London."

Adam Chirkowski, Investment Director at Albion Capital Group LLP, said "G.Network’s performance over the past 18 months has evidenced the need for full fibre in Central London. Cube represents the ideal partner with which to continue the Company’s development and will enable G.Network to offer full fibre connectivity to a significant proportion of the Capital."