Europe: Principal reaches final close of €300m Euro DC fund

Principal Asset Management announced this week that it closed its European data center fund, which is dedicated to acquiring data center assets in Europe, had reached a final close total of €297 million. About 60 percent of the fund is allocated to the core European markets of Germany, Netherlands, France, UK, and Ireland, with the rest aimed at secondary markets such as Spain, Italy, and Switzerland.

This fund initially closed last February as the company raised €155 million, surpassing its target. A total of 14 investors including wealth managers, pension funds, and insurance companies across Europe, the US, and APAC subscribed to the fund. 

Sebastian Dooley, senior fund manager at Principal Asset Management, said “Given the highly specialized and niche nature of the data center industry, we believe experience and access are critical to successful execution. As an active commercial real estate investor for more than 60 years — including more than 14 years in the data center sector—we have witnessed the asset class evolve and adapt to the changing needs. We believe this final close solidifies our strong position as we continue our acquisition plans across Europe.”