This is a £600m securitisation transaction. Plus a £100m currently unfunded Variable Funding Note (VFN) tranche.

The deal is by Vantage Data Centres – a Denver-headquartered data centre company.

The assets backing the notes are real estate and lease payments for space and electricity in two data centres in Vantage’s 148MW Cardiff campus.

The funded bonds are rated A-/A (low)/A (S&P/DBRS/Scope).

The two data centres have a valuation of approximately £1.1bn.

The deal is structured by Barclays, and lead managed by Barclays and SMBC. The issuer is Vantage Data Centers Jersey Borrower SPV Ltd..

This deal helps pave the way for other European data centres to be financed with ABS.