Principal manage-to-core fund pays €10m for two data centres

Principal Asset has paid €10 million for two data centre assets in Dublin, Ireland, acquired on behalf of the Principal European Data Centre Fund I.

[Image: Lars Kienle/Unsplash]

The two detached data centres, totalling 7,570 sq m, are located on the Willsborough Industrial Estate and are let to Verizon Ireland and Vodafone Ireland.

CBRE represented Principal Asset Management in the transaction, the vendors were represented by Savills.

“Adding two data centres in a strong micro location in one of Europe’s Tier 1 markets to our growing portfolio furthers our aim of rapidly constructing a portfolio of prime leased data centre assets,” said Paul Lewis, director of European data centres, Principal Asset Management.

Paul Lewis.

“We see favourable supply-demand dynamics in the Dublin market at present given the constraints on power availability and the difficulty this presents for new development. Additionally, the current attractive long-term pricing for assets such as these means will provide a strong contribution to the Fund”.

The Principal European Data Centre Fund I focuses on pan-European manage-to-core data centre assets, and currently owns assets in Spain, the UK, the Netherlands and Ireland

Since entering the data centre market in 2007, Principal has committed over €2.77 billion to data centre acquisitions and developments and owns more than €1.19 billion in data centre REITs2.