The Asia Pacific Cities Fund (APCF) has acquired a data center in Hong Kong, the fund’s first investment in the city.

Asia Financial reports that APCF, part of US asset manager Nuveen, has acquired the Cargo Consolidation Complex for HK$2.88 billion ($371 million).

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– Google Maps

The complex, at 43 Container Port Road, is a fully-occupied 14MW data center totaling 270,000 square feet of gross floor area in the Kwai Chung district of Hong Kong. APCF reportedly called the acquisition “a rare off-market opportunity.”

“Hong Kong is a critical financial and technology hub and one of the most mature data center markets in Asia with rich network connectivity, robust infrastructure and healthy market fundamentals, making this an important strategic investment,” Nuveen chief investment officer Louise Kavanagh said.

This is the third time the building has been sold since 2015. Investment firm PAG acquired the 16-story building from Australian industrial developer Goodman for HK$1.38 billion in late 2015, and sold it to local investor Loh Shou-nin for HK$2 billion in 2018.

The facility was previously leased to Hong Kong telecom operator PCCW. Whether it still occupies any of the building – especially after selling its data center business to DigitalBridge/Vantage last year – is unclear. Vantage lists Kwai Chung as an available facility on its site.

Nuveen is an American asset manager and wholly-owned subsidiary of financial planning firm TIAA.

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