United States: Principal Real Estate raises over half a billion for first dedicated US data center fund

Principal Real Estate has announced that it has secured over half a billion dollars for its US data center fund, following the final investor close on 30 April. 

The $533 million comes from a total of 15 limited partners, including insurance companies, wealth managers, endowments, and foundations from the US, Canada, Europe, Asia, Latin America, and the Middle East.

The Principal Digital Real Estate Fund will be used to develop and acquire data centers in the US, focusing on primary markets of Dallas, Chicago, Phoenix, Northern Virginia, and Northern California. Secondary markets targeted will include the Pacific Northwest, Atlanta, Austin/San Antonio, Southern California, and the Northeast.