Principal Real Estate, the real estate investment team of Principal Global Investors®, has closed the purchase of the first asset of the Principal European Data Center Fund I (the Fund) and, in addition, announces that it has completed the second round of capital raising, which which brings its total funds raised to 205 million euros.
A 6 megavolt ampere (MVA) data center with an area of 10,502 square meters in Barcelona was the first purchase of the fund, which was acquired for 22.6 million euros. Savills, on this occasion, has represented the selling party.
The asset is situated in a fast-growing data center park serving the greater Barcelona metropolitan area and is leased to Atlas Edge, Europe's fastest growing and most advanced data center provider, until August 2033 .
Paul Lewis, Director of European Data Centers at Principal Real Estate, comments: “With the launch of the European Data Center Fund earlier this year, securing the Fund's first acquisition is an important milestone. The off-market acquisition of the AtlasEdge Barcelona data center provides our Fund with an asset leased on a net triple lease basis to a fast-growing, blue-chip operator in a key city experiencing substantial growth in demand. demand for data center services. Regarding the second closing, he adds: "We believe we are in a strong position to achieve our goals for the final closing and to continue executing our acquisition plans throughout Europe."
