First ABS of its kind in continental Europe will refinance German data centers leased to hyperscale clients
Vantage Data Centers has raised €720 million (US$821 million) through a euro-denominated asset-backed securitisation (ABS) deal, marking a first for the European data center sector. The transaction, which includes €640 million in term notes and €80 million in variable funding notes, is backed by four fully leased data centers in Germany—two in Berlin and two in Frankfurt.
The deal is the first euro-based data center ABS in continental Europe and follows Vantage’s 2023 sterling-denominated issuance for its Cardiff facilities. It was led by Barclays and Deutsche Bank, with support from ING, Natixis, ABN Amro, and other banks. Legal counsel was provided by Clifford Chance.
The four German facilities, which provide approximately 64 megawatts of power and are leased to hyperscale customers, were valued at around US$1 billion earlier this year by Scope Ratings. Two of the issued notes received A- and BBB- ratings from Scope and S&P.
Vantage said the funds will primarily be used to refinance prior construction loans, with surplus capital directed toward further data center expansion and sustainability-linked initiatives. The company noted that the deal was significantly oversubscribed despite its relatively high leverage.
“This marks a significant milestone in digital infrastructure financing,” said Rich Cosgray, SVP of global capital markets at Vantage. “We’ve now completed the first ABS deals in dollars, pounds and euros—demonstrating the maturity and scalability of our platform.”
Barclays also acted as sole green structuring advisor, and the bond achieved Green Bond designation, with proceeds contributing to United Nations Sustainable Development Goals.
Vantage has raised over €2.2bn in debt financing for its EMEA platform over the past 12 months, as demand for cloud and AI computing power accelerates across Europe. CBRE forecasts a 20% growth in the European data center market in 2025, with second-tier markets gaining prominence alongside core hubs like Frankfurt, London, and Amsterdam.
