# VIRTUS: from financing to delivery

Research card · 29 September 2026, Hong Kong time · Signal 6

Question: which parts of the journey from funding to working data-centre capacity do the reviewed public disclosures establish?

| Stage | Dated evidence | What would establish the next step? |
| --- | --- | --- |
| Commitment | VIRTUS announced £2.45bn on 24 September [1]. | Facility-level draw and availability disclosures. |
| Facility structure | Standard Chartered reports £1.2bn green capex, with term and revolving tranches, on 25 September [2]. | Drawn balances, conditions and allocation by use. |
| Refinancing | Clifford Chance's 28 September account describes replacing debt and funding development [3]. | Reconcile old debt repaid, fees, cash retained and incremental capex. |
| Saunderton scope | Current page describes 78MW IT load across four centres [4]. The February 2024 plan cited 75MW, a Q2 2026 service target and a 120MVA grid contract [5]. | Dated milestones for each phase, energization and commissioning. |
| LONDON19 scope | June announcement: 32.5MW planned IT load; planning secured; SEGRO to develop powered shell, with construction expected after design approval [6]. | Dated start, shell handover and fit-out completion. |
| Operation | These pages do not establish current energized or occupied capacity at either development. | Dated operational IT MW, accepted customer capacity and utilization, each with its boundary. |

Read the rows as separate evidence questions, not as a measured project timetable. Construction can overlap financing and phases can enter service separately. No completion percentage is inferred from a missing announcement.

A commitment is credit promised under a contract. Drawn cash records borrowing. Spending may refinance old debt, pay costs or fund construction. A completed building still needs power, fit-out and commissioning before it can support customer workloads. Occupancy and returns require further evidence.

Do not divide the portfolio financing by Saunderton's IT load to estimate cost per MW: the financing includes refinancing and multiple developments, while the denominator describes one campus. Likewise, 120MVA is apparent power at a grid boundary; 78MW is IT real-power capacity. They cannot be substituted without the electrical and facility assumptions.

Method: reopened six public primary pages on 29 September 2026. Dates above are publication dates, except the undated current campus page, observed that day. Historical plans remain plans. The operator, lender and adviser supply participant accounts, not an independent engineering inspection. Loan pricing, tenor, covenants, drawdowns, project spending, energized capacity and customer utilization are not established by this set. No claim is made that they are zero or that the developments failed.

This is a completed public-source research map. It does not execute an investment, lending or capital-allocation decision.

## Sources

1. [VIRTUS financing announcement][1], 24 September 2026.
2. [Standard Chartered financing announcement][2], 25 September 2026.
3. [Clifford Chance transaction account][3], 28 September 2026.
4. [Saunderton campus page][4], undated; observed 29 September 2026.
5. [Original Saunderton announcement][5], 19 February 2024.
6. [LONDON19 announcement][6], 30 June 2026.

[1]: https://virtusdatacentres.com/press-releases/virtus-secures-gbp2-45-billion-financing-package-to-support-continued-growth
[2]: https://www.sc.com/uk/2026/09/25/standard-chartered-supports-virtus-data-centres-gbp2-45-billion-financing-package/
[3]: https://www.cliffordchance.com/news/news/2026/09/clifford-chance-advises-on-245-billion-portfolio-financing-for-virtus-data-centres.html
[4]: https://virtusdatacentres.com/locations/uk/london/saunderton-campus
[5]: https://virtusdatacentres.com/press-releases/virtus-unveils-new-data-centre-development-in-saunderton-buckinghamshire
[6]: https://virtusdatacentres.com/press-releases/virtus-announces-expansion-with-the-addition-of-london19