A fund managed by Nordic real estate manager Areim has become a major shareholder in EcoDataCenter with the acquisition of SEK200m (€19.4m) worth of shares in the company.

EcoDataCenter said as part of a recent agreement for a joint investment in data centres in the Nordics, Areim’s III real estate fund has bought into EcoDataCenter to become the principal owner by subscribing to a directed share issue.

Lars Thunell, the chairman of EcoDataCenter’s board of directors, said: “The dramatic rise in demand for data processing requires enormous amounts of energy and Sweden has a unique potential to build an industry around cost-efficient and green data processing.

“Together with Areim, EcoDataCenter can create a distinct environmentally profiled and qualitative Nordic alternative for major international players interested in establishing operations in the Nordic countries.”

Thunell said Areim’s investment also provides EcoDataCenter with the financial muscle to acquire existing data centres from other large companies to consolidate the Nordic market and expand the company’s concept with carbon dioxide positive data centres.

Areim’s founder Leif Andersson, said: “The collaboration with EcoDataCenter means we are entering a rapidly expanding industry with substantial future potential, and our shared expertise will enable us to create a new investment segment in the Swedish real estate market.”