The Universities Superannuation Scheme has backed Blackstone’s plans to create Europe’s largest AI data centre in the North East of England.
USS will be investing up to £250m through various construction phases into Blackstone’s proposed redevelopment of the former Britishvolt site at Cambois in Blyth, featuring up to 10 data centre buildings measuring up to 5.8m sq ft.
The drafts of the £10bn masterplan were filed to Northumberland County Council shortly after Blackstone bought the site following the collapse of vehicle battery business Britishvolt.
USS expects this opportunity to offer its members an attractive risk-adjusted returns on their savings over the long-term. Ben Levenstein, head of private markets at USS Investment Management, said: “USS continues to invest across the UK in critical infrastructure projects. We believe that data centres are an ideal investment for USS as the growth of digitalisation continues and align well with our long-term investment approach for both our portfolio and our members.”
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