In a world of low interest rates and cheap debt, investors viewed the digital world’s infrastructure assets as ideal sanctuaries for their money.
Both mobile towers — the metal structures on which radio antennas sit — and the real estate groups that house data centres offered steady, long-duration returns in a rapidly digitalising world.
But since June, share prices in many of these sectors’ companies have tumbled as rapidly rising interest rates drive up the cost of capital for their heavily indebted businesses.
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