BNP Paribas Real Estate has promoted Michael Umfreville to lead a new team focused on UK data centres.
Umfreville moves from the firm’s City office leasing team, and will expand his remit to focus on data centres within the firm’s alternatives division. Alongside co-ordination of the firm’s expertise in the sector, he will head up a niche team to support land and building transactions and lease advisory work.
BNP Paribas Real Estate said its decision to create a dedicated team was driven by specialist private institutions making an entry into the data centre investment market. “These include REITs, institutional investors, investment managers, sovereign wealth funds and infrastructure funds, most commonly through joint venture partnerships or entity deals”, the company said.
Stephen Wolfe, head of commercial at BNP Paribas Real Estate, said: “Investor interest in data centres has grown exponentially over the past five years or so – offering long-term income and increased security. We’ve been working with our clients behind the scenes on a number of high-profile deals for a prolonged period – and have taken the decision to build a dedicated and expert team to deliver and support with this. Michael is the perfect candidate to lead the team with his wealth and depth of contacts and experience.”
Umfreville said: “With data centre transactions heating up across the core locations, BNP Paribas Real Estate will provide support and advice to our clients, whether they are well established or entering the market for the first time. We are already involved in a number of projects across the core markets within the UK, and hope to announce these in due course.”
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