Home / Business and Economy / ING Sells $500M Data Center Loan Portfolio
ING Sells $500M Data Center Loan Portfolio
6 Nov
Summary
- ING is selling approximately $500 million in data center loans.
- A $25 million loan is linked to an AI data center venture.
- Bids for the loans are due by November 19.
Dutch lender ING is looking to sell approximately $500 million in data center loans. The portfolio includes a $25 million loan linked to a large New Mexico data center, part of an artificial intelligence infrastructure venture. This venture is backed by major technology firms including OpenAI, SoftBank Group, and Oracle.
ING is utilizing a competitive bidding process for about a dozen loans, with bids due by November 19. This action occurs during a wider market downturn that has significantly affected chipmakers and cloud-related companies, partly due to concerns over potential technology regulation following recent US midterm elections.
The loan portfolio also encompasses debt associated with prominent data center operators like Vantage Data Centers and CyrusOne. The broader selloff has led to substantial value evaporation in the stock market, with several data center stocks experiencing significant declines.
