Hogan Lovells advises on €640m euro data-center ABS transaction

Hogan Lovells has advised Barclays Bank Ireland Plc. and Deutsche Bank AG as active joint lead managers on the first euro-based €640 million securitization backed by data center leases in Continental Europe.

• Advised on transaction: Hogan Lovells advised Barclays Bank Ireland Plc. and Deutsche Bank AG on a securitization comprising €640 million in securitized rated term notes (Class A-2 and Class B) and €80 million in unfunded variable funding notes (Class A1) for Vantage Data Centers; the notes are publicly listed, were offered under Rule 144A in the US and marketed across Europe, and have an anticipated five-year repayment date.
• Structure and scope: The transaction is structured in accordance with UK, EU and US securitization regulations and qualifies as a green securitization under the ICMA Green Bond Principles; it finances four energy-efficient data centers in Germany (two in Offenbach/Frankfurt and two in Berlin) leased to hyperscale customers, involved co-managers ING Bank N.V., Natixis, ABN AMRO Bank N.V., SMBC Bank EU AG, Banco de Sabadell S.A., and Société Générale, London Branch, and Hogan Lovells provided legal support across German, English, US, Luxembourg and Dutch law.