DCI Data Centers has secured new financing to fund the development of a planned data center in Seoul, South Korea.

The Brookfield-backed company this week announced the financial close of a KRW 310 billion (US$212.5m) term loan facility, in what the company called a “significant milestone in the continued growth of our Asia-Pacific platform.”

The refinancing of the SEL01 project finance facility will support its data center in Seoul. The company said the financing was completed last week with “strong backing from a consortium of leading local Korean and international banks.”

“The upsized five-year facility, self-arranged in partnership with Brookfield, was significantly oversubscribed – demonstrating robust market confidence and the strength of the SEL01 site,” the company said. “We extend our sincere thanks to our banking partners – NH Investment & Securities, Crédit Agricole, BNP, and MUFG – for their continued trust and collaboration.”

DCI broke ground on SEL01 in late 2023. The project is a joint venture alongside Daelim Co. A second Seoul project is in the works alongside South Korean real estate manager Koramco.

A fully-owned portfolio company of Brookfield, DCI was founded in 2015 and acquired by Brookfield in 2019. It now has more than ten data center sites with 130MW of IT capacity in development across the APAC region, including Sydney, Adelaide, and Canberra in Australia, and Auckland, New Zealand.