Singaporean Real Estate Company Plans European Data Center Purchases

March 23, 2021
Singaporean Real Estate Company Plans European Data Center Purchases
Real estate company Ascendas Real Estate Investment Trust (REIT) has announced plans to purchase data centers in Europe. Ascendas REIT, which has global headquarters in Singapore, is part of CapitaLand Limited (CapitaLand) – a leading Asian real estate group. CapitaLand deals with commercial and retail properties such as business parks and is involved in urban development including residential properties. It does business in 30 countries but concentrates on the Singaporean and Chinese markets. The acquisition will include 11 data centers and a cost of $678 million.

The deal represents Ascendas’ first foray into the European data center market. Ascendas REIT’s manager, Ascendas Funds Management Limited, will acquire the 11 data centers from subsidiaries of San Francisco, California-based Digital Realty Trust, Inc. Four of the centers are in the United Kingdom with the others in France, the Netherlands, and Switzerland. The centers cater to customers that include major names like HSBC, Equinix, and telecom companies BT and Bouygues Telecom.

“This acquisition gives us a unique opportunity to own a portfolio of well-occupied data centers located across key markets in Europe,” suggested the company’s CEO and Executive Director William Tay in a press release. “It complements our existing data center portfolio in Singapore and will increase the sector’s contribution to S$1.5 billion or 10 percent of investment properties under management.”

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