Pure Data Centres Group (Pure DC), a hyperscale data center developer and operator, has secured a US$ 780 million financing facility, with an option to increase it by a further US$ 1.1 billion, as it seeks to expand its data center operations across Europe and the Middle East. The Platform Growth Facility brings together three major financial institutions and institutional investors which are Citigroup Global Markets, First Abu Dhabi Bank (FAB) and Infranity, alongside existing lenders ABN AMRO, Allianz Global Investors and Sumitomo Mitsui Banking Corporation (SMBC).
According to a company press release, the latest agreement follows US$ 2.7 billion in financing announced in May, including a US$ 2.15 billion facility secured against its Dublin and Amsterdam campuses and an increase in corporate-level financing to US$ 550 million. In July, Pure DC secured a further €1.3 billion (US$ 1.46 billion) in committed senior debt for the first phase of its Seinäjoki AI campus in Finland.
Senior executives from Pure DC and the financial institutions expressed their optimism for the European and Middle Eastern expansion plan.
“Attracting new lenders and broadening our funding base is a strong endorsement of Pure’s differentiated strategy. We are building a pan-European & Middle East cloud & AI infrastructure business rooted in secured power sites and backed by teams that know how to deliver. That combination gives our customers and lenders confidence in our ability to turn our pipeline into operating capacity,” said Gary Wojtaszek, executive chairman and interim CEO, Pure DC.
Mike Schwartz, Chief Financial Officer, Pure DC, said, “The participation of new banks and institutional investors reflects confidence in our assets, customer relationships and delivery record. This facility strengthens our corporate funding base, complements the financing we arrange for individual campuses and provides a framework to raise additional capital as our pipeline advances.”
Timo Buijs, Co-head digital infrastructure finance, ABN AMRO, said, “ABN AMRO is pleased to support Pure DC with the strategic Platform Growth Facility that will enable further infrastructure developments and platform growth. We’d like to congratulate the Pure DC team with the increased capital support at this very important moment.”
Ashish Agrawal, Global Co-head Real Estate, Gaming and Lodging, AI infrastructure coverage, Citigroup Global Markets global, said, “This financing represents an important milestone for Pure DC and demonstrate lenders and Citigroup Global Markets’ own strong confidence in the company’s strategy, platform, asset base and execution capabilities. We are proud to play a leading role in supporting Pure DC’s continued expansion across key data centre markets.”
Georgios Tzimas, Executive Director, Infranity Investment, said, “We are pleased to support Pure DC and Oaktree in the continued development of an international hyperscale data centre platform. This investment reflects Infranity’s strategy of backing essential, asset-intensive infrastructure supported by long-term demand fundamentals. It also demonstrates our ability to provide sizeable and flexible capital solutions to established sponsors and management teams as they deliver the next phase of their growth.”
Luke Hanson, Managing Director, SMBC, said, “SMBC is delighted to continue supporting Pure DC as the business enters its next phase of growth. The further diversification of the funding base provides Pure DC with the resources for future growth underpinned by access to power, and a focus on asset quality and delivery. Our involvement in this facility continues our relationship that already spans cloud and AI infrastructure across Europe, the Middle East and Asia.”
The growth facility could reach approximately US$ 1.9 billion through the accordion option and will support the development of Pure DC’s project pipeline and the acquisition of additional sites. The deal brings the company’s total financing announced over the past 12 months to more than US$ 6.2 billion.