Principal Asset Management, through its dedicated real estate investment team, has announced that it has acquired the third data centre for the Principal European Data Centre Fund I in Amsterdam for €39 million.
The Fund has completed the acquisition of a 24,755 sq m logistics facility in the Schiphol area of Amsterdam. The facility has simultaneously been leased to Switch Data Centres who will convert it into a state-of-the-art data centre with a capacity of up to 42MW and market leading ESG credentials. The data centre will feature over 1MW of on-site photo-voltaic electricity generation and a waste heat reheat scheme benefiting the local community. CBRE represented Principal Asset Management in the transaction.
“We are pleased to be working with Switch Data Centres given the company’s strong track record of operating in the Amsterdam market. We were particularly impressed by the market leading sustainability initiatives featured in the facility and the ways in which it will provide substantial benefit to the local community. Our investment in Amsterdam is a significant step forward as we create a high-quality pan-European portfolio of leased data centre assets,” said Paul Lewis, director of European data centres, Principal Asset Management.
The Principal European Data Centre Fund I focuses on manage-to-core data centre assets. At least 60% of the Fund will be allocated to the core European markets of Germany, Netherlands, France, United Kingdom, and Ireland. Up to 40% of the Fund is allocated to other European markets, such as Spain, Italy, and Switzerland.
Principal Asset Management has global experience investing in data centres. Since entering the data centre market in 2007, Principal has committed over €2.77 billion in data centre acquisitions and developments and owns more than €1.19 billion in data centre REITs.