On July 30, 2025, eStruxture Data Centers (“eStruxture”), a Fengate Asset Management portfolio company and the largest Canadian data centre platform, closed a $750 million asset-backed securities (ABS) issuance, marking the first rated, Canadian asset-only securitization in the data centre sector. The ABS issuance forms the core of a broader $1.35 billion financing package that also includes a development-company revolving credit facility of up to $600 million in bank financing, underwritten by Scotiabank and National Bank Financial. The ABS notes were issued under eStruxture's industry-leading Green Finance Framework, which the company launched earlier in July 2025. Guggenheim Securities acted as the lead structuring advisor on the securitization, Scotiabank acted as joint structuring advisor and joint active bookrunning manager, and National Bank acted as passive bookrunner.
The financing will fund eStruxture's expansion of AI-ready data centres across Canada as demand for onshore data storage capacity continues to accelerate. The company, headquartered in Montreal and led by founder, president and CEO Todd Coleman, supports more than 1,000 customers, including carriers, cloud providers, AI and GPU-as-a-service operators, media content distributors, financial services firms, and enterprise customers, through its colocation, bandwidth, security, and support services across its carrier- and cloud-neutral facilities. Fengate's investment in eStruxture is held on behalf of Fengate Infrastructure Fund III, Fengate Infrastructure Fund IV, and their affiliated entities, including an investment by LiUNA's Pension Fund of Central and Eastern Canada, and also includes capital from a group of institutional secondary investors co-led by Pantheon and Partners Group.
Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to eStruxture, with a team that included Elliot Greenstone, Shayna Goldman, Michael Disney, Steven Cutler, Olivier Désilets, and Joshua Kuretzky (Corporate); Dan Wolfensohn and Kimvy Ngo (Banking); Joseph Jarjour and Jason Stapley (Real Estate); Robin B. Schwill (Insolvency); and Marie-Emmanuelle Vaillancourt, Ian Caines, and Marc Pietro Allard (Tax).
Fasken Martineau DuMoulin LLP acted as Alberta and special counsel to eStruxture, and King & Spalding LLP acted as U.S. counsel to eStruxture.
DLA Piper LLP acted as counsel to the investors. Blake, Cassels & Graydon LLP acted as Canadian counsel and Chapman and Cutler LLP acted as New York counsel to the indenture trustee. McCarthy Tétrault LLP acted as Canadian counsel and Latham & Watkins LLP acted as New York counsel to the placement agent.