21 May 2020

The funding will also enable Proximity to continue its expansion, offering national capability and helping customers keep pace with their increasing data needs, according to ICG-Longbow

Proximity Data Centres has received a £25m shot in the arm from a fund managed by Intermediate Capital Group’s real estate asset management division.

ICG-Longbow has provided the capital to the UK regional edge colocation provider to help its strategic £80m rollout of 18 internet data centres.

The funding will also enable Proximity to continue its expansion, offering national capability and helping customers keep pace with their increasing data needs, according to ICG-Longbow.

“We are delighted to partner with Proximity and further our track-record of investing in the data centre sector,” said Kevin Crowley, managing director at ICG-Longbow. “The company has a clear vision for the future of data in the UK and an experienced management team; providing a cycle-independent, long-term business with robust fundamentals - a key attraction to ICG,” he said.

Crowley said the deal was signed before the outbreak of Covid-19 and in light of the fast-evolving situation across the globe there is even more need for Proximity’s business model.

John Hall, managing director, Proximity Data Centres added: “By investing in a network of new internet edge data centres we will empower our customers to keep up with these rising demands, enabling them to succeed in today’s digital-first era. Our partnership with ICG provides us with the financial firepower to rapidly develop our data centre portfolio.”