Pure DC raises $780 million facility with $1.1 billion accordion

Pure Data Centres Group secured a $780 million platform growth facility with a $1.1 billion accordion, which can expand the financing to about $1.9 billion.

The facility supports Pure's development pipeline and acquisition of future sites across Europe and the Middle East, bringing its financing over the past 12 months to more than $6.2 billion.

Because the facility sits at the corporate level, lenders will weigh Pure's record of turning secured power and land into operating capacity, not one campus's cash flow. Pure's May financing included $2.15 billion secured against its Dublin and Amsterdam campuses, and in July it raised €1.3 billion ($1.46 billion) of committed senior debt for Phase 1 of the Seinäjoki AI campus in Finland. Both were tied to named buildings. CFO Mike Schwartz says the facility "complements the financing we arrange for individual campuses."

Three lenders are new to the group: Citigroup Global Markets, First Abu Dhabi Bank and Infranity. They join ABN AMRO, Allianz Global Investors and SMBC. Gary Wojtaszek, executive chairman and interim CEO, said attracting new lenders and broadening the funding base was "a strong endorsement of Pure's differentiated strategy." Pure was established in 2015 and is backed by funds managed by Oaktree Capital Management.

He said: "We are building a pan-European and Middle East cloud and AI infrastructure business rooted in secured power sites and backed by teams that know how to deliver." The UK budget in October tied priority grid connections for critical data centers to local commitments on jobs, water and community investment, as Private Infrastructure Daily previously reported.