International law firm Simmons & Simmons has advised long-standing client, VIRTUS Data Centres – one of Europe’s leading data centre developers and operators and the largest provider in the UK – on a landmark financing transaction that supports both its established operational portfolio and the continued development of its next-generation AI-ready data centre infrastructure across the UK and Europe.
The £2.45 billion committed funding brings together a strong consortium of international lenders to provide an integrated financing solution across the VIRTUS platform. The consortium of 13 banks was led by BNP Paribas, Crédit Agricole CIB, Société Générale and Standard Chartered Bank, acting as Coordinators, Senior Mandated Lead Arrangers and Bookrunners.
The transaction is one of the largest data centre financings in the UK to date.
The financing supports a portfolio of operational data centres together with the development of its strategically important Saunderton campus development in the UK, reinforcing VIRTUS' position at the forefront of Europe's rapidly growing digital infrastructure sector.
The transaction has been structured to provide long-term financial flexibility, with capacity to increase the financing commitments over time as demand for digital infrastructure continues to accelerate across Europe.
The project teams from VIRTUS and Simmons & Simmons worked collaboratively over a six-month period to deliver one of the most significant data centre financings undertaken in the European market this year.
Simmons & Simmons boasts a highly experienced, award-winning data centre team, supporting leading businesses in the industry.
The multidisciplinary Simmons & Simmons team was led by Partner and co-head of the firm’s global data centre team Kirsty Barnes, alongside real estate Partner Barry Gross (co-head, global data centre team) with support from Peter O’Donnell (Managing Associate), Kimi Shah (Associate) and Mark Raynor (Supervising Associate).
The wider team included experts from the firm’s real estate, environment and planning, construction, corporate, tax and derivatives groups.
Kirsty Barnes commented: “This landmark financing underlines the strength of VIRTUS’ platform and the continued appetite for high-quality digital infrastructure. It showcases our expertise in complex, multi-bank financings and green capex structures for data centre clients.”
