Principal European Data Centre Fund I acquires the Switch Datacenters AMS2 facility
Principal Asset Management’s European data centre fund has acquired a facility in the Netherlands for an undisclosed sum.
Principal European Data Centre Fund I has secured the real estate and infrastructure assets of Switch Datacenters AMS2, a 5,500sqm carrier-neutral facility in Woerden, near Amsterdam, in a deal that marks the fund’s seventh asset acquisition.
The asset has been leased back to Switch Datacenters under a new 20-year term, with the operator retaining full operational control and customer relationships.
Switch Datacenters will lead the refurbishment and expansion of AMS2, boosting its IT load capacity to approximately 4.2MW.
Paul Lewis, managing director, European data centres at Principal Asset Management, said: “This acquisition further strengthens our exposure to one of Europe’s most important data centre markets and reflects our conviction in the long-term growth of digital infrastructure. AMS2 benefits from a high-quality location, a long-term tenant relationship, and a clear value-enhancement opportunity through the planned refurbishment programme.
“Upon completion, the asset is expected to offer increased capacity to support growing demand for high-density compute requirements, while incorporating features such as waste heat reuse and the potential to support local district heating networks. The transaction further enhances the Principal European Data Centre Fund I portfolio as we continue to identify attractive opportunities across Europe’s digital infrastructure sector.”
Cara Mascini, CSO, Switch Datacenters, said: “Increasing the sustainability of existing datacentres like AMS2 is important to Switch Datacenters, in terms of economic lifetime, energy efficiency, and social and environmental impact.
“This agreement gives us long-term certainty to upgrade AMS2 for high-density workload in a more sustainable manner while we continue to operate it under our own name and with our own customers.”
To read the latest IPE Real Assets magazine click here.
