This new funding commitment will support Proximity in its strategic £80m rollout of internet edge data centres. It will also enable Proximity to continue its expansion, offering national capability and helping customers keep pace with their increasing data needs.
By working in partnership and with the financial support of ICG-Longbow, Proximity plans to offer local colocation services from 18 regional data centres. Through a network of regional data centre locations that are closer to where businesses operate, Proximity will offer low latency and reduced transit costs from high-quality data centres reaching 95% of the UK population.
Kevin Crowley, Managing Director, ICG-Longbow said:
We are delighted to partner with Proximity and further our track-record of investing in the data centre sector. The commitment was secured before the outbreak of Covid-19 and in light of the fast-evolving situation across the globe there is even more need for Proximity’s business model. The company has a clear vision for the future of data in the UK and an experienced management team; providing a cycle-independent, long-term business with robust fundamentals – a key attraction to ICG.
John Hall, Managing Director, Proximity Data Centres said:
We are proud to be working with Kevin and the team at ICG and look forward to utilising their knowledge and experience of scaling real estate focussed businesses. In today’s connected world, customers are demanding services faster than ever before. By investing in a network of new internet edge data centres we will empower our customers to keep up with these rising demands, enabling them to succeed in today’s digital-first era. Our partnership with ICG provides us with the financial firepower to rapidly develop our data centre portfolio.
ICG-Longbow UK Real Estate Debt Investments V SCSP focuses primarily on investing in self-originated whole loans secured against UK commercial property with £370m dry powder remaining to be invested in a highly defensive blend of alternative sectors alongside office refurbishments and redevelopments with typical loan sizes of £20m-£100m.
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