A string of big-ticket financings closed this week, led by Vantage’s securitisation of four data centres in Germany.
Vantage Data Centers, a global provider of hyperscale data centre campuses, raised €640m in securitised term notes, marking the first-ever euro-based securitisation of data centre assets in continental Europe.
The five-year notes will be used to refinance four data centres in Germany; two in Offenbach, Frankfurt, and two in Berlin, all of which are fully leased to hyperscale customers.
“The issuance of the first euro-denominated ABS in the data center sector marks a significant milestone in digital infrastructure financing. Having previously issued the first data centre ABS in both North America and EMEA (sterling-denominated), Vantage continues to showcase our innovative approach to capital markets and our ability to unlock new funding vehicles to fuel our global expansion,” said Rich Cosgray, senior vice president, global capital markets for Vantage Data Centers.
In the UK Magnavale - a provider of temperature-controlled storage and value-added services for the food industry operating from four cold storage facilities - secured £500m of 10-year debt facilities from L&G and a US institutional investor while in the Netherlands ING Real Estate and Deutsche Hypo financed Woonhave’s 2,000-unit resi portfolio with a €325m loan.
In Spain, Inmark Asset Management closed the structured refinancing of the Helios Office Complex in Madrid, securing an extension of the senior loan with Santander and ING as well as a mezzanine loan facility. The 33,105sqm asset was acquired by a consortium of Korean institutional investors through Inmark Asset Management in 2020 for €190m.
In Italy, The Social Hub added BNP Paribas to its lender list securing a €80m refinancing of two of its Italian properties - The Social Hub Lavagnini in Florence and The Social Hub Bologna.
Denis Montrelay, chief financial officer at The Social Hub, said that there was “considerable interest in this refinancing from both local Italian as well as pan-European lenders”. “This milestone deal strengthens our balance sheet and releases significant capital to accelerate growth at an important time for The Social Hub as we prepare for further expansion across Europe, as well as the improvements throughout our existing portfolio.”
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| 46 care homes | alternative | UK | Omega Healthcare | Four Seasons Health Care Limited | 46 care homes | £241 (€285) | The assets will be leased to six operating partners under triple-net leases. |
| PBSA portfolio of nine properties | living | UK | Lone Star Funds | Unite Students | 3,656 beds | £212 (€251) | The assets are located in Aberdeen, Leicester, Leeds, Nottingham and Sheffield. |
| Capital House at 85 King William Street | mixed | London | Daibiru | Barings | 121,489sqft | £169 (€200) | The office and retail building is expected to serve as the new European and African headquarters of the MOL Group. |
| Saint-Genis 2 | retail | Lyon | Mercialys | LSGI | 38,500m2 | €146 | The buyer said that the asset offers an immediate yield significantly above the Company’s investment criteria. |
| 101 Embankment | office | Manchester | Melford Capital | M&G | 171,000sqft | £75 (€89) | M&G put the workspace up for sale in May last year quoting £80m, which reflected a net initial yield of 8.45%. |
| 50% of Caleido tower | mixed | Madrid | Emperador Properties | NA | 138,000m2 | €76 | The asset is located in the Cuatro Torres Business Area of Madrid. |
| Ten Hannover Quay | office | Dublin | Pontegadea | Kennedy Wilson and Nama | 68,286sqft | €70 | The asset is let out to Fiserv. |
| Palacio de Gamazo at Génova 26 | office | Madrid | Terralpa | PSN | 5,000m2 | €60 | The asset will be converted into apartments. |
| 27-35 Mortimer Street | office | London | Aberdeen, as adviser to the Border to Coast UK fund | St James’s Place | 33,635sqft | £48 (€57) | The building was bought by St James’s Place as part of GPE’s Fitzrovia portfolio sale in 2018. |
| Via Carcani asset | office | Rome | Coima | NA | NA | €50 | The office building will be converted into apartments. |
| two portfolios of nine sites | living | UK | GREYKITE European Real Estate Fund I and Gatehouse Living Group | Keepmoat and Barratt Redrow Plc | 380 homes | NA | The acquisitions were made on behalf of a recently launched £750m Joint Venture. |
| prime logistics distribution centre | logistics | Vianen, the Netherlands | DWS | NA | 42,000m2 | NA | The distribution centre was completed in April 2025 and is leased with a 12.5 year term. |
| 2.2 acre logistics site | logistics | Borehamwood, North-West London | Fiera Real Estate and Harleyford Capital | NA | 2.2 acres | NA | Plans are to deliver a 54,000sqft single-let warehouse boasting a Gross Development Value of £25m. |
| City Logistics Warsaw V and Panattoni Park Janki IV | logistics | Poland | Octane Capital Partners and Peakside Capital Advisors | Panattoni | NA | NA | Both facilities are fully leased. |
| Mater Olbia Hospital | healthcare | Olbia, Italy | Silver FIR Capital sgr | NA | NA | NA | The property will continue to be managed by Qatar Foundation (QFE) and Fondazione Gemelli. |
| Tyresö Bäverbäcken residential development project | living | Tyresö, Sweden | Unnamed international institutional investor | Magnolia Bostad | 140 apartments | NA | The forward funding deal will support the development of the scheme. |
| development site | development | Skelmersdale, UK | Garbe Industrial Real Estate | NA | 49,000m2 | NA | The buyer will build a 23,000m2 logistics facility on the site. |
| Ruby hotel | hotel | Rotterdam | Bouwinvest Hotel Fund | Foruminvest | 231 rooms | NA | The hotel has been leased on a long-term basis to Ruby Group, a German company. |
| plot of land | development | Getafe, Spain | GLP | MCA | 25,500m2 | NA | This marks GLP’s first forward purchase in Spain. A 16,000m2 logistics facility will be built on the site. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| logistics portfolio | logistics | Poland | Savills IM | NA | €300+ | NA | The company is scaling investment activity in the country. |
| 280 High Holborn | office | London | private Middle Eastern owner | 69,800sqft | £65 | Savills and Newmark | The property is leased to four office tenants including Gilead Science and law firm Joseph Hage Aaronson with one floor of office vacancy. |
| Central Exchange at 18 Waterloo Street | office | Glasgow | BNP Paribas REIM | 95,000sqft | £23.7 (€28) | Acre Capital Real Estate and CBRE | The property is let to Daily Mail owner Associated Newspapers, management consultancy Hymans Robertson and legal firms Ashurst and Aberdein Considine. |
| 15 Dalkeith Road | mixed | Edinburgh | NA | 174 apartments | NA | JLL | The former Scottish Widows headquarters has been put up for sale after a planning consent was granted to add a residential element to the scheme. |
| Cotton Quay residential development opportunity | development | Salford, UK | Frogmore | 8 acres | NA | CBRE and Vandermolen Real Estat | The freehold scheme has the potential to house 1,493 residential units, a hotel and commercial units. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| ABS investors | Vantage Data Centers | Four data centres in Germany | €640 | Vantage has issued securitized term notes, marking the first-ever euro-based securitization of data center assets in Continental Europe. |
| L&G, unnamed US institutional investor | Magnavale Ltd. | Cold storage logistics portfolio | £500 (€586) | In February 2025, Magnavale opened the UK’s largest single cold store, boasting 101,000 fully automated pallet spaces at it’s Easton site. |
| Bond investors | Covivio | Unsecured | €500 | The nine-year green bond bears a coupon of 3,625%. |
| ING Real Estate and Deutsche Hypo | Woonhave | Dutch resi portfolio | €325 | The refinancing will help support and expand Woonhave’s portfolio of more than 2,000 residential units in the Netherlands. |
| NatWest | Scape | Canada Water PBSA scheme | £125 (€148) | The loan will support the development of Scape’s 135-room scheme on Mulberry Walk. |
| Santander and ING | Inmark Asset Management | Helios Office Complex in Madrid | €110 | The owners secured an extension of the senior loan as well as a new mezzanine loan facility. |
| BNP Paribas | The Social Hub | The Social Hub Lavagnini in Florence and The Social Hub Bologna | €80 | BNP Paribas Italy acted as sole arranger and underwriter for the transaction. |
| Tite Street and Crestline | C7 Group | Feldafinger Höhe residential project on Lake Starnberg | €70 | The whole loan refinances the development project consisting of 136 apartments. |
| Cynergy Bank | Cole Waterhouse and Taurus | Salford Quays EDA Build-to-Rent Scheme in Manchester | £57 (€67) | The build-to-rent (BTR) residential development in Greater Manchester was delivered through a joint venture between Cole Waterhouse and Taurus Investment Holdings. |
| CAERUS Debt Investments AG | NA | Two mixed-use portfolios in the Netherlands | €55.5 | The LTV of the senior financing is in the range of 52 to 63%. |
| BPM | Silver FIR Capital sgr | Mater Olbia Hospital | €45 | The loan finances the acquisition of the building together with 32 hectares of land. |
| Paragon Bank | City & Country | Bath Press site on Lower Bristol Road in Bath | £32.5 (€38) | The development finance facility will fund construction of 134 apartments. |
| Delancey | Hurlington Capital and The V Fund | PBSA site within London’s Bollo Lane mixed-use masterplan | £24.5 (€29) | The senior secured loan finances the development of a site with planning consent for a 429-bed PBSA building and a 95-home affordable residential scheme. |
