Osborne Clarke has advised Community Fibre, the ultra-fast full-fibre Internet Service Provider, on a £25 million new financing round led by the National Digital Infrastructure Fund (NDIF) to rollout full-fibre connectivity to a further 100,000 homes by 2019, covering social and private housing estates across London.
A follow-on investment will be made by leading long-term institutional investor, RPMI Railpen.
Only 3% of UK homes are currently connected to full-fibre broadband which has the capacity to provide gigabit-capable download speeds. Community Fibre will use this new funding to further expand its coverage across London, continuing to target social housing estates as a priority, where enhanced, ultrafast internet connectivity can open up new economic opportunities to some of the most disadvantaged communities in London.
The funding more than doubles the investment in Community Fibre to date marks a significant milestone in the company’s target of connecting 500,000 homes in London with full-fibre by 2022.
Partners Simon Jones (picture) and Rob Wood along with Associate Katharine Ramsay advised Community Fibre on the transaction.
Law Firms: Osborne Clarke;
Clients: Community Fibre;