Principal has acquired a Digital Realty-occupied data center in Frankfurt, Germany.
German press are reporting Principal Asset Management acquired a data center in the Lyoner Quartier in Frankfurt am Main for its European Data Center Fund I.
The property has around 7,200 sqm (77,500 sq ft) of rental space and is fully leased to Digital Realty. Located at Lyoner Straße 28, the colo firm operates the five-story facility as FRA28, offering 3.9MW across 3,600 sqm (39,000 sq ft).
Principal acquired the facility for €19 million ($20.6m) from an unnamed real estate fund based in Luxembourg.
JLL advised the seller on the off-market transaction and brokered the deal.
Principal’s European data center fund reached a final close total of €297 million ($314.7m) last month. So far the fund has acquired six assets, located in Barcelona, the UK, Amsterdam, Dublin, and Frankfurt.
In September, Principal acquired two data centers in Ireland. The company paid €10 million ($10.74m) to acquire two facilities on the Willsborough Industrial Estate in Clonshaugh. Spanning a total of 7,570 sqm (81,480 sq ft), the facilities are leased to Verizon and Vodafone.
The company recently announced plans to acquire and convert a logistics facility in Amsterdam into a 42MW data center for Dutch operator Switch Datacenters.