Ashurst advises Irideos on the financing for the development of a new data centre
14 January 2022
Irideos SpA, a company owned by F2i (78.3%), the largest Italian infrastructure fund, and Marguerite (19.6%), the infrastructure fund created by six European public financial institutions and the European Commission, through the fully owned subsidiary Irideos Datacenter Italia Srl, has started the construction of Tier IV Avalon 3, a new sustainable and cutting-edge data centre in Milan. The data centre, which will spread over an area of 3,500 square meters in Milan in via Bisceglie, connected with the largest Italian Interconnection hub. Completion of the data centre is scheduled for 2022.
The investment for the construction of Avalon 3 was partly financed through the granting of a medium to long-term loan from ING Bank N.V. - Milan Branch. The loan provides for progressive disbursements based on the work progress of the data centre and is supported by the guarantee issued by SACE S.p.A. in the context of the New Green Deal envisaged by the Simplification Decree.
Global law firm Ashurst advised Irideos S.p.A. and its majority shareholders, F2i and Marguerite, on the loan, with a team led by Milan managing partner Carloandrea Meacci, and coordinated by associate Paolo Gallarà. Partner Michele Milanese advised on the tax aspects of the transaction.
