Aroundtown, a major German landlord, intends to transform underutilized office spaces into data centers due to a surge in demand across Europe, particularly following the pandemic-induced shift to remote work. With increasing vacancy rates in its office segment, the company has explored various adaptations, including serviced apartments. Although it has faced regulatory and energy supply challenges, it has received initial permissions for conversions and expects to collaborate with specialized firms for these projects, aiming for potential tenants from diverse sectors like cloud computing.
In five years time, let's hope we have some data centres in our portfolio. It's a different asset class for us ... We need to build up the IT know-how for the setup.
It takes a few years until we can get to, let's say, crystalising the gains.
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