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Data Center View - April 21, 2025 - PGIM closes $2 billion fund

Data Center View - April 21, 2025 - PGIM closes $2 billion fund

Bitfarms secures $300 million. Hyperscale Data secures $50 million. Application filled for 8.6 million-SF campus. Oppidan to break ground. 2025 data center outlook. Two new data center deals.

Matt H
April 21, 2025

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NEWS ROUNDUP

FUNDRAISING: PGIM closes $2 billion fund. PGIM Real Estate has entered the digital infrastructure arena with the successful close of its $2 billion Global Data Center Fund (GDCF). The "build-fill-sell" strategy behind GDCF is designed to maximize returns by developing data center assets, leasing them to major tenants, and ultimately selling them at peak value. PGIM said the fund will pursue operator-independent joint ventures with leading developers across North America, Europe, and Asia Pacific, maintaining flexibility and access to high-quality opportunities in supply-constrained markets. “Data centers are at the heart of the digital framework that is playing an increasingly critical role across our economy and society,” said Morgan Laughlin, Managing Director and Global Head of Data Center Investments at PGIM.

FINANCING: Bitfarms secures $300 million. Bitfarms has secured an initial agreement for a private debt facility of up to $300 million from Macquarie Equipment Capital, aimed at accelerating development of its Panther Creek data center in Pennsylvania. The financing begins with a $50 million tranche, with the remaining capital to be unlocked upon achieving specific development milestones at the site. “This strategic partnership with Macquarie is the start of our near-term investment in Panther Creek, and it comes at a pivotal time as AI and high-performance compute workloads rapidly increase demand for power and infrastructure,” said Ben Gagnon, CEO of Bitfarms. The Panther Creek facility—located less than 100 miles from both New York City and Philadelphia—is being positioned as a high-potential site for AI and HPC tenants, not just crypto mining. “Its proximity to major metro areas makes it an ideal location for scalable digital infrastructure,” added Joshua Stevens, Associate Director at Macquarie.

FINANCING: Hyperscale Data secures $50 million. Hyperscale Data has inked a financial agreement with an institutional investor for up to $50 million in equity financing, aiming to fast-track the expansion of its Michigan data center. This facility is a key component of the company’s transformation into a pure-play data center operator focused on AI, enterprise, and high-performance computing (HPC) services. “This financing is a strong vote of confidence in our vision and will provide the runway needed to meet demand for scalable, energy-efficient infrastructure,” said William B. Horne, CEO of Hyperscale Data. “We are committed to building future-proof digital infrastructure that supports the evolution of AI and cloud computing,” added Milton Todd Ault III, Executive Chairman of Hyperscale Data.

DEVELOPMENT: Application filled for 8.6 million-SF campus. Another major data center project is in the works outside Atlanta, with engineering services firm Kimley-Horn filing a Development of Regional Impact application for a sprawling data center campus dubbed Project Bunkhouse. Filed with the Georgia Department of State Affairs, the proposal outlines plans for an 8.6 million-square-foot data center development.

DEVELOPMENT: Oppidan to break ground on $31 million data center. Oppidan Investment prepares to break ground on a $31 million facility in Temple, Texas. According to a filing with the Texas Department of Licensing and Regulation, Oppidan’s upcoming 62,000-square-foot facility will operate with 5MW of power. The site is directly across from Meta’s expansive 393-acre data center campus, which is still under construction.

READ: 2025 data center outlook.