Investment firm Oaktree Capital Management is reportedly seeking new minority investors for Pure Data Centres Group.

Citing people familiar with the matter, Bloomberg reports Oaktree is to raise at least £800 million ($1.1 billion) to fund the expansion of the UK-based developer.

Oaktree is said to be working with advisers to sell a 20-40 percent stake in Pure, at a valuation of £4-5 billion ($5.3-6.7bn).

On its website, Pure says it has more than 500MW of capacity live or under development.

Founded around 2013, the company has developments in London (Brent Cross, Park Royal), the UAE (Abu Dhabi), Spain (Madrid), and Indonesia (Jakarta). It reportedly has another project in Dublin, Ireland.

Oaktree Capital Management is a global investment management firm with approximately $180 billion in assets under management.