Principal pays £8.5m for two Dublin data centres leased to Verizon and Vodafone

Investment group Principal Asset Management has paid £8.5 million ($10.7 million) for two data centres in Dublin.

Situated in Willsborough Industrial Estate, the two data centres span 7,570sqm in total. The facilities are under lease to Verizon Ireland and Vodafone Ireland.

“Adding two data centres… furthers our aim of rapidly constructing a portfolio of prime leased data centre assets,” said Paul Lewis, Director of European Data Centres at Principal Asset Management.

Principal chose to acquire the Dublin data centres for the city’s favourable supply-demand dynamics at a time where power availability constraints are affecting the industry and hampering new developments.

The two data centres were acquired on behalf of the Principal European Data Centre Fund I, which currently has holdings located in the UK, Ireland, Spain, and the Netherlands.

“The current attractive long-term pricing for assets such as these means will provide a strong contribution to the fund,” added Lewis.

Last year, IPE Real Assets reported that Principal raised £132 million ($166 million) for its European data centre fund. The fund had a hard cap of £384 million ($482 million).

The fund will allocate a minimum of 60% to core European markets like Germany, the Netherlands, France, the UK, and Ireland. The remaining 40% will be allocated to other European markets such as Spain, Italy, and Switzerland.

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