Bulk Infrastructure announces €350m [1] equity investment by BGO, and plans for over €1bn of investments by 2026 to grow sustainable data centre leadership in Europe
Oslo & London – 05 June 2024 – Bulk Infrastructure (Bulk) one of Europe’s leading developers and operators of sustainable data centres, today announced a €350m/USD$380m equity investment by BGO, a leading global real estate investment management firm, which will be deployed to accelerate its growth plans. BGO’s investment will be made on behalf of investment vehicles under its management. The investment brings BGO’s total equity investment in Bulk since 2020 to over €640m/USD$700m. Bulk intends to invest over €1bn of new capex by 2026 to grow the firm’s leading sustainable data centre platform in Europe.
Bulk has established itself as one of the leading developers of data centres and fibre networks in the Nordics, building on the region’s unique advantages with low-cost, renewable energy. With a full range of data centre solutions across three sites in Norway and Denmark, Bulk offers unparallelled scalability for global data centre customers. Its expansion plans are now under-pinned by the enhanced involvement of BGO, which envisions a long-term leadership role for Bulk in Europe’s data centre industry. Bulk’s N01 Data Center Campus will have a power capacity of 400MW by 2026 from 100% renewable power, and with ambitions for 2000MW (2GW) in the medium-term.
“The latest investment by BGO will fuel our ambitions to shift the gravity for global and European large data loads to the cold and sustainable North. We are seeing urgent demand for modern, large-scale AI-ready data centres from existing and new customers. BGO has been a reliable shareholder and partner to us since its first investment in 2020 enhancing our ability to deliver on our scalable, sustainable Nordic data centre platform,” said Peder Naerboe, Founder and Executive Chairman in Bulk.
“We are excited to announce this new investment enhancing our ability to deliver on a scalable platform, meeting the growing AI demand from large existing, and new customers both in Europe and globally. This enables us to significantly expand our capacity going forward, ensuring we deliver high-performance solutions that drives both customer success and our growth as a company. We appreciate the continuing trust from our renowned partner BGO,” said Jon Gravråk, CEO Bulk.
John Carrafiell, Co-CEO of BGO added: “BGO in Europe has long been at the forefront of modern, infrastructure-like industrial real estate investing, and an early mover in the sustainable data centre sector. Today’s announcement with Bulk Infrastructure reaffirms our steadfast commitment to pursuing growth in data infrastructure that will play a critical role serving the industries of tomorrow. Bulk’s range of industry-leading capabilities and technology, 100% green power, and its track record of successful delivery of modern, AI-ready data centres, is perfectly positioned to lead the way in this high growth sector. Going forward, BGO will continue to support Bulk and its management team with its expertise and capital to enable Bulk to realise the generational opportunities we see today for AI-ready, GPU-based data centres.”
Bulk recently opened a 12MW AI-ready facility at the N01 Data Center Campus which is already fully committed. Its next AI-ready centre is under construction and will provide 42MW of capacity from early 2025.
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Media contact:
Einar Stabell, Head of Communications & Public Affairs - Einar.stabell@bulk.no - +47 936 32 361
About Bulk Infrastructure Group
Bulk is a leading Nordic industrial developer and operator within digital infrastructure. We build businesses and partnerships on a scalable platform driven by our vision - Racing to bring sustainable infrastructure to a global audience.
We are trusted by a broad range of organizations including cloud service providers, Nordic enterprises, system integrators, teams running AI and HPC workloads and hyperscalers. We are the only neutral fiber network company providing strategically diversified, sustainable connectivity into the Nordics.
Bulk has developed three data center locations with five operational datacenters, seven fiber routes and have an unparalleled position in the Nordics community with a strong track-record and organization that has resulted in senior relationships with all key stakeholders.
For more information, please visit www.bulkinfrastructure.com
About BGO
BGO is a leading, global real estate investment management advisor and a globally-recognised provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $82 billion USD of assets under management (as of March 31, 2024) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
[1] NOK 4.0Bn / EUR 350m
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