Merlin Properties, the Spanish property REIT with around €10 bn of assets, has raised €921 mln to help fund its data centre development programme.
The accelerated bookbuild will help finance its €2.1bn second phase delopment pipeline.
Merlin revealed the capital raise on Tuesday after providing H1 earnings on Friday, though plans for the raise had already been trailed.
The company hopes its investment in data centres can deliver a double-digit yield-on-cost.
Its data centre development pipeline has been split into two phases to allow for proof of concept and to spread out the capital expenditure over time.
On Friday the company said H1 gross rents for its entire portfolio totalled €248.2 mln versus €237.8 mln a year ago.
EBITDA was €188.4 mln versus €181.7 mln.
