Principal acquires data centre near Amsterdam

Principal Asset Management has acquired Switch Datacenters’ AMS2 facility in Woerden, near Amsterdam, on behalf of Principal European Data Centre Fund I. 

Woerden data centre, CGI

The transaction covers the real estate and infrastructure assets only, with Switch Datacenters retaining full operational control, customer contracts and branding under a new 20‑year lease.

Located around 40 kilometres south‑east of Amsterdam, AMS2 sits within one of Europe’s largest and most established data centre markets, benefiting from strong connectivity and rising demand for digital infrastructure. The facility provides approximately 5,500 sq m of lettable space and has been fully leased to Switch Datacenters since 2014, when the operator acquired and converted the former secure banking and disaster recovery centre into a colocation facility.

Switch Datacenters is leading a refurbishment and expansion programme that will increase AMS2’s IT load capacity to around 4.2MW. The upgrade will support high‑density workloads through liquid direct‑to‑chip and hybrid air‑cooling technology, alongside closed‑loop cooling. The site also has medium‑term potential for a further 14MW of capacity. Redevelopment plans include a heat‑reuse solution capable of supplying district heating networks, alongside measures to reduce noise and enhance local biodiversity.

Paul Lewis, managing director for European data centres at Principal Asset Management, said the acquisition strengthens the fund’s exposure to one of Europe’s most important data centre markets and reflects confidence in long‑term digital infrastructure growth. He highlighted the asset’s location, long‑term tenant relationship and value‑enhancement potential through the refurbishment programme.

Cara Mascini, CSO at Switch Datacenters, said the agreement provides long‑term certainty to upgrade AMS2 for high‑density workloads in a more sustainable manner while continuing operations under the Switch Datacenters name.

AMS2 is the seventh asset acquired for Principal European Data Centre Fund I, which has raised €297 million from 14 investors and is now closed. The fund targets manage‑to‑core data centre assets and has also acquired properties in Barcelona, the UK, Amsterdam, Dublin, Frankfurt and Düsseldorf, focusing on opportunities where active asset management and operational improvements can support long‑term value creation.