Pictet Alternative Advisors and Brunswick Real Estate have entered into a partnership to invest in and develop sustainable data centres across the Nordics.

The venture has been launched with the acquisition of Vanda 3, a 63,000sqm mixed-use property in Stockholm, which includes a data centre, printing facilities, warehouse and offices.

Pictet and Brunswick said the Nordics provided ideal locations for data centres due to natural cooling, low carbon energy mix and excellent connectivity. They cited the advent of more than 200 data centres in the region in the past decade, serving a number of major international technology companies such as Facebook, Microsoft and Google.

Vanda 3, which was sold by Bonnier Fastigheter, also features excess heat recovery and distribution to the district heating system of Stockholm, reducing its carbon footprint.

Patrik Andersson, CEO of Brunswick Real Estate, said: “The establishment of the partnership with Pictet provides an unparalleled opportunity for Brunswick to use its local expertise in a nuanced market to deliver strong returns.

“Our active approach to managing assets through development and measurable sustainability improvements is also in line with Pictet’s value-add strategy. We look forward to working with the team as we continue to look for further acquisition and development opportunities across the Nordics.”

Alexander Thams, head of Nordic real estate at Pictet, said the Nordics were “of strategic importance for Pictet” and the company aimed to deploy up to SEK5bn (€482m) in the region.

“Our objective is to keep growing our footprint in the data-centre space following this landmark acquisition,” he said.

“We are delighted to partner with a high-quality team such as Brunswick and are encouraged that they also share our commitment to developing sustainable properties which have a meaningful impact on the environment.”