L&G plugs into €263m UK data centre

Legal & General Capital, the 'early-stage' investment arm of Legal & General Group, has partnered with Goldacre Noé Group to invest in the £230 mln (€263 mln) Kao Data Campus in the South of England.

Located in Harlow, between London and Cambridge, the 35.2MW data centre serves so-called 'hyperscalers' - global tech giants - as well as enterprises across what Legal & General describes as 'the largest data centre market and technology cluster in Europe'.

Legal & General has partnered with an existing investor in Kao, Goldacre Noé Group, the technology investment arm of Noé Group’s international asset management and investment business. According to the parties it marks the first step of a partnership between the firms to drive the strategic expansion and accelerated growth of the UK data industry.

'With a focus on creating thriving cities, Legal & General looks to make investments that are focused on creating sustainable communities with good employment opportunities, high quality and varied housing in a digitally-connected and clean environment,' said Kerrigan Procter, CEO of Legal & General Capital.

'Following the Bruntwood SciTech partnership in 2018, the largest investment made in science and technology property assets in Europe last year, Legal & General is pleased to have invested in another real world asset that can bring value now and in the future,' Procter added.

Matteo Colombo, director of strategic private capital investments at Legal & General Capital said: 'As technology continues to evolve and our future cities become more connected, we see data centres as critical infrastructure of national importance. At a time of increased sensitivity around data sovereignty, the UK lacks its own flagged data centre platform. We see a market gap, and Kao presents a unique opportunity to build and create a leading UK proposition.'

'This significant partnership is a landmark moment, both for the continued growth of Kao Data and for the development of the wider UK data centre industry,' said David Bloom, founder of Goldacre. 'Given the importance of our national data industry, we look forward to working with Legal & General to create further opportunities to accelerate the emergence of state-of-the-art infrastructure nationwide.'


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