The Principal Real Estate has announced the first close for the Principal European Data Centre Fund. The fund is dedicated to acquiring data center assets in Europe.

The initial capital raised for fund beats its target, reaching EUR155 million (US$175.23 million). The fund is a closed-end fund, of which 60% will be allocated to the core European markets of Germany, Netherlands, France, United Kingdom, and Ireland, with up to 40% in secondary markets such as Spain, Italy, and Switzerland.