Bulk Infrastructure Attracts €140M Investment from BentallGreenOak
Nordic data center, fiber network developer and operator, Bulk Infrastructure, has committed NOK 1.5 billion (approximately €140 million) to support the future growth of Bulk Infrastructure’s data center and dark fiber business.
Bulk Infrastructure, in partnership with BentallGreenOak, expects to invest in the continuing development of its N01 Data Center Campus in south Norway. At 3 million square meter (740 acres) and up to 1 GigaWatt of IT power, N01 Campus has the ambition to become the world’s largest data center campus powered by 100% renewable energy.
“With a top tier international investor like BentallGreenOak in our company, we will enable faster growth and better scale for our opportunities,” said Peder Nærbø, founder of Bulk Infrastructure.
This data center campus provides integral access to Bulk Infrastructure’s recently completed Havfrue fiber cable, the first trans-Atlantic subsea cable system into the Nordics in almost two decades, providing connectivity between Northern Europe and the U.S. Bulk Infrastructure’s planned new cable project, called Leif Erikson, between Norway and Atlantic Canada would further improve connectivity, and build on BGO’s strong position and history in the Canadian market.
BentallGreenOak joins main shareholders, Bulk Industrier and Geveran, in securing capital for the company’s future growth, with a series of capital injections from BGO and existing shareholders that will take place from January, 2021.
“We want to unlock the potential the Nordics and renewable energy has to offer in sustainable digital infrastructure,” said Peder Nærbø, founder of Bulk Infrastructure. “With a top tier international investor like BentallGreenOak in our company, we will enable faster growth and better scale for our opportunities. This provides us with a great platform for reaching our vision of bringing sustainable infrastructure to a global audience, and to serve the biggest and most demanding customers out there.”
Data Center Campuses
John Carrafiell, Senior Managing Partner and Co-founder of BentallGreenOak, will join Bulk Infrastructure’s Board of Directors. Founder Peder Nærbø and his company Bulk Industrier will continue to work actively within the company and remain the lead investor and Chairman of the Board.
“This partnership with Bulk Infrastructure is a perfect match for BGO,” said John Carrafiell, Senior Managing Partner and co-founder of BentallGreenOak. “BGO has been focused on the European logistics market since 2013, and, similar to Bulk’s own evolution, considers data centers to be a natural extension of the firm’s real estate investment strategy. Bulk Infrastructure’s commitment to building on the Nordic region’s natural advantages to deliver strong economic and environmental performance in real estate and infrastructure, is well-aligned with BGO’s own investment priorities. We are pleased to be developing exciting new pathways, on behalf of our investors, that deliver performance-driven investment opportunities that also benefit the local economy and maintain a focus on environmental sustainability.”
Arctic Securities, Pareto Securities, PwC and Schjødt served as advisors to Bulk Infrastructure on the partnership and BentallGreenOak were advised by Wiersholm and EY.
“This partnership provides us with a solid financial platform as Bulk Infrastructure is opportunity rich in all three business areas,” said Jon Gravråk, CEO of Bulk Infrastructure. “As an example, we see opportunities for major capacity add in our three existing data center campuses as well as in other Nordic destinations. Bulk Infrastructure’s combination of reliable and cost-effective access to 100% green power from renewable sources, cold climate, stable business environment, and well-positioned fiber optic network, is uniquely situated to attract a significant share of the rapidly growing European and global data center market.”
BentallGreenOak serves the interests of more than 750 institutional clients with approximately $50 billion USD of assets under management (as of September 30, 2020) and expertise in the asset management of office, logistics, multi-residential and retail property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions