Principal Real Estate Investors has completed a final close for its Principal Digital Real Estate Fund, the firm’s first closed-end fund dedicated to developing and acquiring data centers in the United States.
The Principal Digital Real Estate Fund raised $533 million in capital commitments from 15 limited partners. The investor base consisted of a diverse range of public and corporate pension funds, insurance companies, wealth managers, endowments, and foundations from the United States, Canada, Europe, Asia, Latin America and the Middle East.
The fund will focus on value-add acquisitions, the redevelopment of existing data centers and the development of high-quality facilities on a turnkey basis. The firm will focus on primary U.S. data center markets such as Dallas, Chicago, Phoenix, Northern Virginia and Northern California, in addition to select secondary markets such as the Pacific Northwest, Atlanta, Austin/San Antonio, Southern California and the Northeast.
