Hamburg Commercial Bank participates in acquisition financing for the Covilhã Data Centre in Portugal by Asterion
GERMANY/HAMBURG – Hamburg Commercial Bank AG (HCOB) acted as lead arranger to an acquisition financing facility for the Covilhã data centre ”PT Data Centre S.A” in Portugal, which has been acquired by Asterion Industrial Partners. HCOB also acted as facility and security agent as well as hedging bank.
Asterion Industrial Partners is an independent investment firm focused on European in mid-market infrastructure. The transaction marks Asterion’s entry into the Portuguese data centre market, at the back of strong investment credentials in the sector (with Nabiax and Retelit platforms).
The Covilhã data centre currently offers an installed capacity of 6.8 MW and features a modular architecture that allows for expansion. The data centre can support up to 75 MW of additional capacity through new blocks within the existing campus and offers the potential to achieve a total capacity of approximately 175 MW on adjacent land. It has also strong sustainability credentials, including high energy efficiency (Power Usage Effectiveness/PUE) of 1.25), the use of 100% renewable energy, rainwater reuse and heat recovery systems.
Asterion acquired the Covilhã data centre from MEO, a subsidiary of Altice Portugal and the country’s leading telecommunications operator. The data centre represents a critical part of MEO’s network and, as part of the transaction, MEO will remain the main tenant of the data centre.
“Portugal is an attractive market for DC deployment with key supply underpinning factors including robust land and submarine connectivity and cheap renewable energy, driving growing demand from hyperscalers and big tech companies. We congratulate Asterion on this successful acquisition and look forward to continuing our partnership in its future growth”, said César Bravo, Project Finance Director at HCOB. “This financing further strengthens HCOB’s relationship with Asterion, positions the bank as a trusted structuring partner, and supports a critical asset in Portugal”, said Hans Lötzer, Head of Project Finance at HCOB.
About Hamburg Commercial Bank
Hamburg Commercial Bank AG (HCOB) is a private commercial bank headquartered in Hamburg, Germany, that provides customized financing solutions for German and international companies. HCOB has a strong position in structured real estate and project finance and is a reliable financing partner for the shipping sector. Efficient and secure payment transaction services as well as innovative products for foreign trade complete the range of services. The bank is guided by established ESG criteria and operates from several locations in Germany as well as in Amsterdam, London, Luxembourg and Piraeus. For more information, please visit www.hcob-bank.com.
About Asterion Industrial Partners
Asterion Industrial Partners is an independent investment management firm focused on European infrastructure in the mid-market. Founded in 2018 and with $10bn under management, the firm invests in essential infrastructure across the energy, digital, utilities and mobility sectors, with a hands-on, industrial approach that prioritizes long-term value creation and sustainability.
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