Investment Management arrangements

Cordiant Digital Infrastructure Ltd

28 September 2026

 

28 September 2026

LEI: 213800T8RBBWZQ7FTF84

Cordiant Digital Infrastructure Limited

Investment Management arrangements

Cordiant Digital Infrastructure Limited (the Company), the FTSE 250 specialist investor in and operator of digital infrastructure, announces that Steven Marshall, Co-founder, Executive Chairman and Managing Partner of Cordiant Digital Infrastructure Management LLP (CDIM), has entered into an agreement to acquire the membership interest in CDIM held by Cordiant Capital Inc (CCI), a Canadian investment management firm and the Company’s Investment Manager (the Transaction). CDIM has provided certain advisory services to CCI.  Under the Transaction, CCI will step down as Investment Manager.  The existing CDIM team, led by Steven Marshall, will continue in their roles, ensuring the continuation of the Company’s strategy and oversight of the Company’s portfolio.

In agreement with CDIM, the Company intends to appoint an FCA-authorised Alternative Investment Fund Manager to the Company as Investment Manager (the New IM), and CDIM will be appointed to provide investment advisory services to the New IM. The implementation of these new management and investment advisory arrangements will be subject to the receipt of any required regulatory approvals and the entry into any new contractual agreements, expected to take several months to complete.

Transaction overview

Founded by Steven Marshall and Cordiant Capital Inc, CDIM is an English limited liability partnership in which CCI and its affiliates previously held 50.07% of the membership interests. CCI has been appointed as Investment Manager to the Company since its inception and CDIM has provided certain advisory services to CCI.

Under the Transaction:

	Steven Marshall has acquired CCI's membership interest in CDIM and holds more than 99% of the membership interests in CDIM.
	CCI will resign as Investment Manager to the Company following the transition to the New IM.
	The New IM will be appointed as the successor investment manager and alternative investment fund manager, subject to any required regulatory approvals.
	CDIM will be an appointed representative of the New IM and will act as investment advisor to the New IM. .
	The existing CDIM team, led by Steven Marshall, will continue in their roles, ensuring continuity of the Company’s strategy and oversight of the Company’s portfolio.
	An extraordinary general meeting seeking shareholder approval for a change of name of the Company will be called in due course.

Commenting, Shonaid Jemmett-Page, Chair of the Company, said:

“The Transaction represents a change of ownership of CDIM and does not affect the Company’s investment strategy, portfolio or management, and shareholders can expect continuity of service. I see Steven’s enhanced financial commitment to CDIM as a strong positive for shareholders. I thank CCI for their support in helping to develop the Company and fully understand their decision to focus on their core areas of expertise.”

Commenting, Steven Marshall, Co-founder, Executive Chairman and Managing Partner, Cordiant Digital Infrastructure Management LLP, said:

“Cordiant Capital Inc. played an important role working with me to bring the Company to life and in building it into the leading specialist digital infrastructure investor on the London Stock Exchange. I appreciate Cordiant Capital’s support in this regard. CCI’s recent strategic review created the opportunity for me to acquire their stake in CDIM. This purchase substantially increases my commitment to CDIL and investment in CDIM and ensures that the team and I can continue to build on the success over the past few years for the benefit of all shareholders. Digital infrastructure demand is structural and accelerating, and the Company has both the assets and access to the expertise to capitalise on that opportunity for its shareholders."

Commenting, Cédric Garnier-Landurie, CEO and Managing Partner of Cordiant Capital Inc., said:

"We are proud of the role we have played in establishing Cordiant Digital Infrastructure Limited and supporting its growth since its IPO in 2021. It has been a privilege to work with Steven to build a leading digital infrastructure platform, and we take great pride in what we have achieved together. Following a strategic review undertaken after I became CEO in June 2025, we have decided to focus on our core strategies in Agriculture Value Chain and Mission-Critical Infrastructure, allowing us to concentrate our resources where we can have the greatest impact. We are committed to working collaboratively with all parties to ensure a thorough and orderly handover for the benefit of shareholders and all stakeholders. I would like to thank Steven, the Board and the team for their partnership, and CDIL shareholders for their support over the years. We wish them all continued success."

Regulatory framework

The appointment of the New IM will be conducted in accordance with FCA requirements governing alternative investment fund managers in the UK. CDIM will be an appointed representative of the New IM for FCA regulatory purposes

The Board has confirmed it is satisfied that the proposed restructuring of the Company's investment management and new advisory arrangements is in the best interests of the Company and its shareholders and will keep shareholders informed of material developments in relation to the transition to the proposed new investment management and advisory arrangements.

For further information, please contact:

Cordiant Capital Inc (Investment Manager) Cordiant Digital Infrastructure Management LLP Stephen Foss	[e-mail]
Aztec Financial Services (Guernsey) Limited (Company secretary and administrator)	[phone] [e-mail]
Investec Bank plc (Joint corporate broker) Lucy Lewis Tom Skinner	[phone]
Deutsche Numis (Joint corporate broker) Hugh Jonathan George Shiel	[phone]
Celicourt (Financial communications adviser) Philip Dennis Charles Denley-Myerson Kathleen Beams	[phone]  [e-mail]

Notes to editors:

About Cordiant Digital Infrastructure Limited

Cordiant Digital Infrastructure Limited is a closed-ended alternative investment fund listed on the London Stock Exchange (ticker: CORD), investing in digital infrastructure assets including data centres, communication towers and fibre optic networks, primarily in Europe and North America. The fund is classified as an alternative investment fund for the purposes of the UK’s alternative investment fund managers regime and is governed by an independent board of directors. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.

About Cordiant Digital Infrastructure Management LLP

CDIM is a specialist digital infrastructure partnership established under the laws of England and Wales. The LLP's 21-strong team of investment and operational professionals will actively support the Company's strategy of acquiring, developing and operating digital infrastructure assets across Europe, North America, Australia and New Zealand.

About Steven Marshall

Steven Marshall is Co-founder, Executive Chairman and Managing Partner of CDIM and has been the driving force in the development of CDIM. Prior to establishing CDIM, Steven was President of American Tower Corporation’s (AMT) US Tower Division. While serving as President, AMT pioneered the network neutral telecommunications infrastructure model in the United States, Germany, France and 12 other countries in both communication towers and combinations of towers and fibre.

Mr Marshall had a material influence on making AMT the company it is today – the largest network neutral telecommunications infrastructure company in the world with a market capitalisation of over US$80 billion.

Prior to AMT, he built National Grid Wireless into the largest network neutral tower infrastructure provider in Europe. Subsequently sold to private equity interests, it became the core of Arqiva. He also developed and ran a US$1.5 billion fibre network in Brazil owned jointly by National Grid, France Telecom and Sprint. Most notable amongst his many acquisition and divestiture activities was his overseeing and the integration of two US$5 billion acquisitions whilst at AMT.

Mr Marshall is currently a non-executive director of Paradigm Infrastructure, an African tower developer, and was previously Chairman of Next Gen Access UK (a long-distance fibre developer) and a board member of TAWAL – Saudi Telecom’s tower subsidiary with 14,000 towers.

Among Cordiant Digital Infrastructure Limited’s non-institutional shareholders, Steven Marshall holds the largest position: 15,568,028 shares, or 2.03% of shares outstanding.

 

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