PGIM Real Estate has raised $2bn (€1.9bn) for its first-ever global data centre fund, which is expected to be fully deployed within 18 months.
The manager said the Global Data Center Fund (GDCF), which targets investments across the major global data centre markets of North America, Asia Pacific and Europe, secured capital commitments from a range of global investors.
GDCF pursues asset-level development joint ventures with data centre operators, maintaining an operator-independent strategy to access investment opportunities in supply-constrained markets, PGIM Real Estate said.
To date, over $450m of equity capital has been committed to data centre investments across PGIM Real Estate and GDCF has a pipeline of opportunities that is expected to allow it to deploy the remaining capital within the next 18 months, the manager said.
Morgan Laughlin, global head of data centre investments, PGIM Real Estate, said: “Successfully reaching our $2bn target raise is an important milestone that reflects strong investor confidence in the sector and our strategy.
“Data centres are at the heart of the digital framework that is playing an increasingly critical role across our economy and society. In line with the recognition of the importance of digital infrastructure in our modern lives, global investors are rapidly increasing their exposure to the sector.”
Raimondo Amabile, PGIM Real Estate co-CEO and global CIO, said: “Congratulations to the team on reaching the final close on our Global Data Center Fund. We see a significant opportunity to develop expertise in the data centre space and create a wider digital infrastructure platform.
“Data centres, and other associated digital infrastructure, offer a generational investment opportunity as the digital demands of our societies and economies continue to expand at an astounding pace.”
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