ING markets $500 million data center loan portfolio for sale
A shift in financing sentiment around digital infrastructure is shaping a new loan sale by ING. The Dutch lender is offering about $500 million of data center debt in a single process, including exposure tied to a New Mexico facility linked to the Stargate artificial intelligence venture.
Highlights
- ING markets a $500 million portfolio of about a dozen data center loans, including a $25 million loan tied to the Stargate AI infrastructure backed by OpenAI, SoftBank Group, and Oracle.
- Bids for the loan package, which includes debt linked to Vantage Data Centers and CyrusOne, are due November 19 in minimum blocks of $10 million.
- Broader technology market selloffs have erased $3 trillion in S&P 500 stock value, with data center operators Applied Digital, Cipher Digital, and IREN each down more than 14%.
Loan sale process and portfolio scope
As reported by Reuters, citing Bloomberg News, ING is seeking bids for roughly a dozen data center loans through a bids-wanted-in-competition process. The package includes a $25 million loan connected to a large New Mexico data center that is part of the Stargate artificial intelligence infrastructure venture backed by OpenAI, SoftBank Group and Oracle.Bloomberg said the portfolio also contains debt linked to data center operators including Vantage Data Centers and CyrusOne. Bids are due on November 19 and are being sought in blocks of at least $10 million, according to the report.
Reuters says it could not immediately verify the report. ING did not immediately respond to a request for comment outside business hours.
Technology market pressure weighs on financing backdrop
The sale comes after a broader market selloff that has hit chipmakers and so-called neocloud companies particularly hard. Investor concerns have increased as Democrats' sweeping victory in the U.S. midterms fuels fears of tighter regulation for parts of the technology sector.That market pressure has erased about $3 trillion in stock market value from S&P 500 companies, according to the report. Data center operators Applied Digital, Cipher Digital and IREN have each fallen more than 14%, highlighting weaker sentiment around infrastructure and related technology assets.
Our earlier article on the financial strain facing U.S. AI data centers explained that higher funding costs, construction delays, and power constraints are making many planned projects less credible. We also noted that weakening investor sentiment and cost overruns at major operators are increasing doubts about whether developers can deliver large-scale capacity on time and within budget.
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