Case study

Growing the UK’s greenest data centres

Posted by : Andrew Bailey

Farrers worked with great professionalism and under tremendous pressure to deal with a variety of technical problems to complete the deal in line with our requirements. Well done and thanks, Farrers!

Guy Marsden
Director, Highbridge Properties plc

Developing innovative funding structures to help our clients progress.

Highbridge Properties secured £263 million of funding to expand their Cobalt Data Centre Campus near Newcastle, which has a BREEAM ‘Excellent’ certification: a possibly unique award for what is generally thought of as other than environmentally friendly. But there were significant challenges, not least the reluctance of the banks to commit new debt finance to development projects in the current turbulent markets.

Our experience with similar tax and construction issues placed us in a unique position to help Highbridge. Together we put in place a bespoke funding structure with a robust tax framework and a stout security package for the lending bank. We also helped to optimise the capital allowances to attract the right investors who expected a return from day one – in fact, before the data centres were even built.