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Fixed income asset manager PIMCO has reportedly raised £257.3 million ($325 million) for a Europe-focused data center fund.
This figure, which also includes seed funding from PIMCO’s parent company Allianz Group, is half of the total target of £643.7m ($813m).
Mobile Europe reports that the fund will focus on investing in mega-projects in Europe and could raise up to £831.4 million ($1.05 billion) beyond its total target. Ta.
Kirill Zavodov, executive vice president and portfolio manager at PIMCO, said the company sees data centers as a “long-term growth theme globally” and is investing in both fixed income and equities in the U.S. and Europe. He said he would do so.
“We believe this opportunity is more attractive in Europe compared to the US, as the market is more undersupplied and is approximately five years behind the US in terms of installed data center capacity. ,” Zavodov said. Europe.
Zavodov added that Tier 2 and Tier 3 markets are “further behind,” and this is where PIMCO expects “most of the growth opportunities to unfold over the next few years.”
PIMCO’s new fund will likely finance projects through its Abt subsidiary, which was first announced last September. Apto’s leadership includes former leaders from established data center companies such as Equinix, Digital Realty, and AWS.
“Abt is more than just a company. This is a commitment to partnering with the world’s largest hyperscalers to build the next wave of Europe’s booming digital economy,” said Abt CEO. Russell Poole said.
A disclosure document filed by PIMCO with European regulators in December highlighted the sustainability efforts of PIMCO data centers. In the document, the company has set goals such as achieving a Power Usage Effectiveness (PUE) of less than 1.35 times and a Building Research Establishment Environmental Assessment Act (BREEAM) building certification of Very Good or better.
The announcement of the new data center fund comes on the heels of the company hiring Giorgio Cocini from Bank of America as managing director and head of Italy, Iberia and France operations.
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