Principal Asset Management has snapped up a third data centre for the Principal European Data Centre Fund I, paying €39 mln for the Amsterdam asset.
The 24,755 m2 scheme is situated in the Schiphol area of the city and has been fully leased to Switch Data Centres.
The occupier plans to convert the asset into a highly sustainable data centre with a capacity of up to 42MW. The property will benefit from on-site electricity generation via photovoltaic panels, while its waste heat will be collected for a district heating system.
Paul Lewis, director of European data centres, Principal Asset Management, said: 'We are pleased to be working with Switch Data Centres given the company’s strong track record of operating in the Amsterdam market.
'We were particularly impressed by the market leading sustainability initiatives featured in the facility and the ways in which it will provide substantial benefit to the local community.
'Our investment in Amsterdam is a significant step forward as we create a high-quality pan-European portfolio of leased data centre assets.'
The Principal European Data Centre Fund I focuses on manage-to-core data centre assets. Some 60% of the fund is being allocated to Europe's core markets of Germany, Netherlands, France, UK, and Ireland.
Up to 40% of the fund is allocated to other European markets, such as Spain, Italy, and Switzerland.
Principal Asset Management has been active in the data centre market since 2007, committing over €2.77 bn to the sector worldwide in acquisitions and developments. The business owns more than €1.19 bn in data centre REITs.
CBRE represented Principal Asset Management in the deal.
