European data center operator Data4 has secured more than €2 billion via a new debt facility.

The Brookfield-owned company this week announced a €2.2 billion ($2.3bn) debt raising, extendable to €3.2 billion ($3.37bn), to consolidate our position as the European leader in the data center market.

"This extraordinary financing allows Data4 to pursue the ambitious target of a turnover of €800 million by 2029, supported by a quadrupling of our size over the same period. Our unique value proposition in Europe represents a welcome alternative to non-European, American, and Asian hosting providers," said Olivier Micheli, president of Data4 Group.

BNP Paribas, Natixis Corporate & Investment Banking, Deutsche Bank, and AXA Investment Managers are part of the deal.

The company aims to use the money to expand its existing and planned campuses in France, Germany, Spain, Italy and Poland.

Established in 2006 by Colony Capital (now DigitalBridge), Data4 currently operates around 30 data centers in France, Italy, Spain, Poland, and Luxembourg. The company is also developing a former army barracks in Hanau, Germany, that could reach 200,000 sqm (2.1 million sq ft) and 180MW.

The company was acquired by AXA Investment Managers for an undisclosed amount in 2018, with Danish pension fund PFA acquiring a 20 percent stake in 2020. Brookfield Infrastructure acquired Data4 earlier this year in a deal believed to be worth around $3.8 billion.

In 2021 the operator secured €620 million (then $737.5 million) in debt financing to fund its expansion goals across Europe.