Cromwell Property Group has partnered with Stratus and EXS Capital Group to launch a data centre fund targeting a $1bn (£780m) pipeline.
The Stratus Cromwell Data Fund has already identified a quarter of the pipeline already, with two sites under exclusivity in London and Frankfurt.
The first site is a 100 megawatt data centre in London. The six-acre site will be powered by renewable energy and negotiations with a potential tenant is in advanced stages. Construction is expected to complete in 2021.
The second site is a 300 megawatt data centre in Frankfurt on a 34-acre site. Pre-lease negotiations are underway and it will be one of the largest data centre campuses in Western Europe when completed.
Cromwell will find investment and provide fund management and asset management services for each project, and Stratus will manage project development, design and construction, and leasing.
Cromwell’s chief investment officer, Rob Percy said the partnership would “create an exciting investment opportunity that we know will be in strong demand from both leading hyperscale data centre operators and international capital partners.”
This year, during the coronavirus lockdown, plans for data centres exploded.
According to EG Radius Data Exchange figures, the number of data centre plans lodged since the government enforced lockdown on 23 March totals over 2.27m sq ft of space.
This means that more data centre space was lodged in roughly three months than the whole of 2019, which saw over 2.05m sq ft of plans submitted.
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