Principal holds final close of European data center fund

Principal Asset Management has held a final close of its closed-end fund dedicated to acquiring data center assets in Europe.

The capital raise for the Principal European Data Centre Fund reached €297 million ($tk million). Subscriptions were received from 14 investors, including wealth managers, pension funds, and insurance companies located in Germany, France, Spain, Japan, Malaysia, Singapore, and the United States.

The fund focuses on manage-to-core data center assets. At least 60 percent of the fund is allocated to the core European markets of Germany, Netherlands, France, United Kingdom, and Ireland, with up to 40 percent in secondary markets such as Spain, Italy, and Switzerland.

To date, the Fund has acquired 5 assets, located in Barcelona; the UK; Amsterdam; Dublin and Frankfurt.

Principal Real Estate has global expertise investing in data centers and closed its first closed-end data center fund in the United States in June 2021, which was over