Principal Asset Management, through its dedicated real estate investment team, has acquired a fourth data centre asset for the Principal European data center fund I.
The fund has completed the acquisition of two freestanding data centres, totaling 7,570 m2, on the Willsborough Industrial Estate in Dublin for around €10 mln.
The facilities are currently leased to Verizon Ireland and Vodafone Ireland.
Paul Lewis, director of European data centres, Principal Asset Management, said: 'Adding two data centres in a strong micro location in one of Europe's Tier 1 markets to our growing portfolio furthers our aim of rapidly constructing a portfolio of prime leased data centre assets.
'We see favorable supply-demand dynamics in the Dublin market at present given the constraints on power availability and the difficulty this presents for new development. Additionally, the current attractive long-term pricing for assets such as these means will provide a strong contribution to the fund.'
The Principal European data center fund I focuses on pan-European manage-to-core data centre assets, and currently owns assets in Spain, the UK, the Netherlands and Ireland
Principal Asset Management has global experience investing in data centres. Since entering the data centre market in 2007, Principal has committed over €2.77 bn in data centre acquisitions and developments and owns more than €1.19 bn in data centre REITs.
CBRE represented Principal Asset Management in the transaction, the vendors were represented by Savills.
