Ontario facility pre-leased to GPU-focused provider as CPP targets digital infrastructure growth
A 54 MW hyperscale data centre under construction in Cambridge, Ontario has secured $225m in financing, with Canada Pension Plan Investment Board (CPP Investments) committing a 50 percent stake in the construction loan.
The project has been fully pre-leased on a long-term basis to a market-leading GPU-focused AI cloud compute provider.
Demand for hyperscale data centres across Toronto and the surrounding region remains strong.
Deutsche Bank Private Credit & Infrastructure acted as lead lender and funded the remaining 50 percent of the loan.
Geoffrey Souter, head of Real Assets Credit at CPP Investments, said demand for cloud services, data storage, and artificial intelligence is driving rapid growth in data centre development.
“CPP Investments has deep expertise in this sector,” he said, adding that the construction financing aligns with the fund’s global data centre strategy and expands its footprint in the Canadian market.
The data centre is being developed by Related Digital, TowerBrook Capital Partners, and Ascent.
CPP Investments’ broader global portfolio includes data centre joint ventures and holdings across North and South America, Asia Pacific—including Australia—and Europe, as well as investments in publicly held companies operating data centres in Canada and abroad.
At March 31, the Canada Pension Plan Fund totalled $714.4bn.
