Vantage Data Centers Jersey Borrower SPV Limited

The transaction is collateralized by the issuer's leasehold and fee-simple interests in CWL11 and CWL13, respectively. The data centers are located in close proximity with one another just outside of Newport, Wales and account for 111,828 kW in total leased capacity as of 31 December 2023. CWL11 was repurposed into a data center in 2010 and is held leasehold under a number of leases on a phased basis with a remaining lease term of 111 years. CWL13, which is held freehold, was constructed in 2022 as a purpose-built data center for a single hyperscaler. The tenancy at CWL11 comprises 65 unique tenants, including retail and wholesale clients as well as two hyperscalers, one of which is the single tenant at the CWL13 asset. Both assets have Booked-But-Not Billed (BBnB) capacity that will be coming online in 2024 and 2025.