Principal completes third data center acquisition in Europe
Principal Asset Management, through its dedicated real estate investment team, has acquired a third data center for the Principal European Data Centre Fund I.
The fund has completed the acquisition of a 24,755-square-meter (266,460-square-foot) logistics facility in the Schiphol area of Amsterdam. The facility has simultaneously been leased to Switch Data Centers, which will convert it into a state-of-the-art data center with a capacity of up to 42 megawatts and market leading ESG credentials. The data center will feature more than 1 megawatt of on-site photovoltaic electricity generation and a waste heat reheat scheme benefitting the local community.
“We are pleased to be working with Switch Data Centers, given the company’s strong track record of operating in the Amsterdam market,” said Paul Lewis, director of European data centers, Principal Asset Management. “We were particularly impressed by the market-leading sustainability initiatives featured in the fa