Hong Kong real estate firm Grand Ming is nearing a deal to sell its data center business to Actis.

Market sources confirmed to Mingtiandi on Tuesday that Actis, a fund manager based in London, was close to acquiring Grand Ming’s four data center facilities for HKD$5.25 billion (US$675 million).

Grand Ming has been looking to sell its data center business for some time.

The group’s two operational facilities, iTech Tower and iTech Tower 2, are operated by its subsidiaries Wellford Properties Limited and Winning Tech Limited, respectively. Its two facilities currently in development, iTech Tower 3.1 and iTech Tower 3.2, are owned by subsidiaries Regal Development and Golden Ford, respectively. All are located in Hong Kong.

Private investment firm Bain Capital previously showed interest in acquiring some of Grand Ming’s data centers for HK$2.15bn (US$276m), but the exclusivity period between the two expired on September 15, 2025, before a definitive agreement could be signed. Grand Ming stated that the deal had fallen through because “the parties were unable to align on certain key commercial terms.”

Last month, the real estate firm announced it had entered into a non-legally binding indicative term sheet with an unnamed buyer, now identified as Actis. The terms of the deal stipulate that Actis would take a 100 percent equity interest in Wellford Properties Holdings Limited and Wellford Properties Limited, both of which are Grand Ming’s subsidiaries.

Actis has a number of investments in digital infrastructure across a variety of growth markets. An Actis-led consortium took over Telkom’s Swiftnet tower unit in South Africa in March of this year, and the firm launched an Asia-focused platform, Epoch Digital, in June of last year.

Established in 1995, Grand Ming is an investment holding company primarily focused on building construction, including “building design, additional and alteration works, and building service engineering works.”