German data center firm Maincubes has secured more than €1 billion ($1.07bn) in debt financing.
The company announced this week that it has signed a new scalable finance facility of €1.035 billion ($1.1bn), made up of €685 million ($730m) committed facilities with a further €350m ($373m) uncommitted accordion made up from a consortium of eight banks and one institutional fund.
Maincubes, which is backed by DTCP and Art-Invest Real Estate, said the new debt facility would be used to ‘further accelerate its sustainable growth strategy’ to become a ‘leading European data center operator.’
“We are excited about Maincubes’ next stage of growth. Alongside top national and international infra lenders, we’ll support the company in becoming a leading European data center operator. We are delighted to obtain oversubscribed commitments marking an important milestone for Maincubes and underscoring the attractiveness of the data center sector,” said Waldemar Maurer, partner at DTCP.
Maincubes was advised by Perella Weinberg Partners' debt advisory team and Allen & Overy (A&O). The financing consortium was advised by Hogan Lovells.
Carla Luh, head of Hogan Lovell’s German finance practice, said: “We are delighted to have advised the lenders on this exciting transaction which sets a new standard in the financing of data centers in Germany.”
Allen & Overy said the financing adopts a ‘bespoke structure specifically tailored’ for the benefit of Maincubes’ development pipeline in Germany and the Netherlands, with the potential to expand into other European jurisdictions.
Jan Skuhravy, infrastructure partner in A&O’s London office, added: “It has been a great privilege to have advised Maincubes in connection with this ground-breaking financing. It firmly cements our market-leading position on financings and M&A in the data center space globally, following hot on the heels of our advice on the recent EdgeConneX refinancing and on the additional facility for Vantage Data Centers.”
Founded in 2012 and part of German construction conglomerate Zech Group via its Art-Invest fund, Maincubes currently operates the FRA01 data center in Frankfurt, and another in Amsterdam in the Netherlands. In 2015, Keppel DC REIT acquired a then yet-to-be-constructed Maincubes data center in Offenbach, outside Frankfurt.
The company broke ground on a second Frankfurt facility in July 2022, and the same year announced plans for a third facility in Frankfurt and its first in Berlin.