International law firm Simmons & Simmons has advised Pure Data Centres (Pure DC) on a joint venture agreement with SEGRO to develop a fully-fitted 56MW data centre in London.
Under the deal, the two companies will develop and deliver the £1bn data centre on a 10-acre super-prime industrial site owned by SEGRO in London’s Park Royal, using 70MVA of power secured by Pure DC.
Owned by global investment manager Oaktree Capital Management, Pure DC develops and operates data centres for some of the world’s largest technology companies. SEGRO is a UK Real Estate Investment Trust (REIT), and leading international owner, manager and developer of modern warehouses and industrial property.
The venture has been welcomed by the Rt. Hon. Peter Kyle, Secretary of State for the UK Government’s Department of Science, Innovation and Technology (DSIT), who described the deal as a “powerful endorsement of Britain as a home for tech investment”.
Simmons provided support to Pure DC on the real estate and real estate tax elements of the deal, with a team led by partner and head of UK real estate, Ali Crosthwaite, supported by of counsel Francis Turley (real estate) and partner Nick Cronkshaw (Tax). The Simmons team worked alongside Simpson Thatcher & Bartlett LLP who led in relation to the joint venture aspects of the transaction.
Commenting on the transaction, Ali Crosthwaite, head of UK real estate at Simmons & Simmons, said: “This is an exciting deal and one which is of significant strategic importance for the future of the UK’s digital infrastructure. We’re pleased to have been able to bring to bear our deep sector knowledge in relation to data centres to support Pure DC on this market-leading joint venture with SEGRO.”