hadn't seen this one coming. Data centre developers get funding from issuing bonds. Biggest customers is insurance companies.
The catch is: they can only buy 1/2/3% from any given entity.
With DCs, the only money comes from the tenant. So that limit applies to the tenants.
The DC developers are left with no-one to buy their gigantic bonds.
https://www.ft.com/content/2f4d39dd-dee8-4620-996d-3fe978b7522b
archive: https://archive.ph/tBrAd
@davidgerard
I'm sure they'll figure out a scam involving lots of shell companies, each of which sells a small sliver of the bonds.
I mean, sure, it's probably illegal, but... that hasn't even slowed down the Circular Funding Vortex.