Vantage Data Centers Secures €640M in Landmark Euro-Based Securitization
Vantage Data Centers has raised €640 million ($731 million) in the first-ever euro-denominated securitization of data center assets in Continental Europe. The transaction covers four fully leased German facilities—two in Berlin, and one each in Offenbach and Frankfurt—serving hyperscale clients.
This latest move follows Vantage’s 2018 debut of the first data center securitization globally, a $1.125 billion issuance, which laid the foundation for an ongoing capital markets strategy. Since then, the company has raised $2.6 billion through four additional U.S. dollar-denominated securitizations, and in 2023 expanded into the EMEA market with a £600 million securitized note issuance—also a first for the region’s data center industry.
“Vantage continues to showcase our innovative approach to capital markets and our ability to unlock new funding vehicles to fuel our global expansion,” said the company’s SVP, global capital markets, Rich Cosgray.
The latest securitization earned a Green Bond designation and investment-grade credit ratings, including an A- from S&P and Scope Ratings for the Class A-2 Notes, and a BBB- for the Class B tranche. Proceeds will be directed toward sustainable capital expenditures and strategic corporate initiatives, with an expected five-year repayment timeline.
The financing builds on a string of major capital raises by Vantage, which has secured €2.2 billion in new EMEA debt over the past year—including €750 million from Ares Management’s infrastructure and alternative credit strategies, along with support from CDPQ and Schroders Capital.
In parallel, the firm has attracted large-scale equity and sustainability-linked financing, including a $9.2 billion infusion from DigitalBridge Group and Silver Lake in 2023, and $5 billion in incremental green loans just last week.
Vantage was represented by Clifford Chance LLP, and the transaction was led by Barclays and Deutsche Bank as active Joint Lead Managers. The transaction was supported by ING and Natixis as Joint Lead Managers and ABN Amro, Banco De Sabadell, SMBC and Societe Generale as Co-Managers.
Pictured: BER11, part of Vantage’s first Berlin campus located in Brandenburg Park.