The Principal Real Estate has announced that it has acquired the first asset of the Principal European Data Centre Fund I (the Fund).  

The Principal European Data Centre Fund is a fund dedicated to acquiring data centre assets in Europe. At least 60% of the fund will be allocated to the core European markets of Germany, Netherlands, France, United Kingdom, and Ireland, with up to 40% in secondary markets such as Spain, Italy, and Switzerland. Additionally, Principal just finished the Fund's second capital raise, bringing the total amount of equity investments to EUR205 million (US$204.38 million).

The Fund's first acquisition includes a 6 mega-volt ampere (MVA), 10,502 sq. m data centre in Barcelona, Spain, leased to AtlasEdge until August 2033. The asset was valued at EUR22.6 million (US$22.53 million) and is located in a rapidly growing data centre market, servicing the large metropolitan area of Barcelona.