An open-ended European infrastructure fund, managed by Columbia Threadneedle Investments has invested in a data centre in Norway.
The European Sustainable Infrastructure Fund (ESIF) has acquired a majority stake in Lefdal Mine Datacenter (LMD) from a consortium of local shareholders for an undisclosed sum.
Rittal, a subsidiary of the German industrial family business Friedhelm Loh Group, will remain a minority shareholder.
LMD, located in an underground mine, has been operational since 2017.
Heiko Schupp, global head of infrastructure at Columbia Threadneedle Investments, said: “Lefdal Mine Datacenter is an attractive asset for ESIF due to its strong market fundamentals, competitive positioning and the level of sustainability within its operations.
“With its potential to build out data capacity, we believe the company is well-positioned to participate in the growth of demand for data, and the potential for capital growth makes the company a good fit for ESIF’s investment strategy.”