Principal Real Estate data center fund makes first purchase in Barcelona

Principal Real Estate, the real estate investment team for Principal Global Investors, has acquired the first asset for its Principal European Data Centre Fund I, according to media outlets.

The asset is a 10,500-square-meter (113,000-square-foot) data center in Barcelona, Spain. The sales price was €22.6 million ($22.57 million). The seller was represented by Savills.

It is leased to AtlasEdge, a European edge data center business.

Principal European Data Centre Fund I focuses on manage-to-core data center assets. At least 60 percent of the fund will be allocated to the core European markets of Germany, Netherlands, France, the United Kingdom and Ireland, with up to 40 percent in secondary markets such as Spain, Italy and Switzerland. The fund held a first close earlier this year.