Principal Real Estate has acquired the first asset of the Principal European Data Centre Fund – a 10,502 sqm data centre in Barcelona, leased to AtlasEdge until August 2033.
The facility was acquired for €22.6 million, with the vendors represented by Savills.
Principal recently completed the second capital raise for the fund, adding an extra €50 million of equity and bringing total equity investments to €205 million.
According to Principle Real Estate, at least 60% of the fund will be allocated to the core European markets of Germany, Netherlands, France, UK and Ireland, with up to 40% assigned to markets such as Spain, Italy and Switzerland.
Paul Lewis, Director of European Data Centres, Principal Real Estate, said, “With the launch of the European Data Centre Fund earlier this year, securing the fund’s first acquisition is a major milestone. The off-market acquisition of the AtlasEdge data centre in Barcelona provides our fund with an asset let on a triple net lease to a first-rate and rapidly growing operator in a key city which is experiencing substantial growth of demand for data centre services.
“With the second close reaching €205 million, we believe we are in a strong position to achieve our goals for the final close and to continue executing on our acquisition plans across Europe.”
Since entering the data centre market in 2007, Principal Real Estate has committed over €2.06 billion in data centre acquisitions and developments.