Macfarlanes advises L&G on the development financing of a £750m data centre in Newham

Macfarlanes has advised long-standing client L&G and its partner, investment manager Goldacre, on a facility provided by ICG to finance the acquisition and development of a £750m sustainable, urban hyperscale data centre in the London Borough of Newham. This financing follows the successful receipt of full planning consent in October 2024.

The funding will support the initial phases of the development of the data centre, including putting in place critical infrastructure and funding energisation works. Once completed, the remediated formal metal recycling site will operate as an 80 MW capacity data centre. The development is a key component in Newham Council's plan for the Borough to become London’s destination the digital and data economy. It has the potential to be a heat source for thousands of homes in the local area, and features wider public realm improvements with plans for new connecting walkways.

The Macfarlanes team was led by Real Estate Finance Partner Laura Bretherton, supported by Senior Associate Christian Anthony and Associate Jack Lewis, with support on the Construction aspects from Senior Counsel Alex Crockford and Associate Luke Pillar.