How I Underwrote a $65M Data Centre in Abu Dhabi

I underwrote a $65M Data Centre in Abu Dhabi.

The tenant is sovereign-controlled w/ a signed lease.

- 10MW HyperPod modular AI DC
- 5-year non-cancellable lease
- NVIDIA Architecture certified
- $72M annual revenue at full ramp
- CIO previously built 700MW+

To fund deals like this, I ask 4 questions:

1) What stage of risk are we in?

- $20M+ sponsor capital already deployed
- HyperPod in production, not pre-revenue
- 10MW power confirmed for this year

The asset exists. The power is confirmed. The tenant is signed. On paper, it looks like a great opportunity.

2) What makes the location work?

- Abu Dhabi is a sovereign-grade infrastructure zone
- The tenant means near-zero counterparty risk

3) How is downside protected?

- First-ranking project security plus lease assignment
- Corporate guarantee behind the facility
- Parent carries $19M ARR cloud business

4) Can we control the exit?

- Fully amortising over 36 months (no refinance cliff)
- Contracted cash flows cover debt service
- Final instalment September 2029, clean wind-down

This isn't speculative infrastructure. The lease is signed, the chip generation is confirmed, and the power is on.

My verdict:

- Strong fit for private credit
- Strong fit for family offices
- Strong fit for Gulf-focused lenders

This is the first NVIDIA Vera Rubin-certified facility I've seen come to market. Hopefully, more to come.

If you allocate to real assets, let's connect 👋