Real estate investment management firm BentallGreenOak (BGO) has pumped another €350 million ($380m) into Nordic data center operator Bulk.

The companies announced the investment this week, which will be used to ‘accelerate Bulk’s growth plans.’

BGO’s funding will be made on behalf of investment vehicles under its management and brings the firm’s total equity investment in Bulk since 2020 to more than €640 million ($700m).

Bulk intends to inject more than €1bn ($1bn) of new Capex by 2026 to grow the firm’s data center platform in Europe.

“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,” said Peder Naerboe, founder and executive chairman of Bulk. “BGO has been a reliable shareholder and partner to us since their first investment in 2020 enhancing our ability to deliver on our scalable sustainable Nordic data center platform.”

Part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, BGO is a global real estate investment management advisor with approximately $82 billion of assets under management.

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 center sector. Today’s announcement with Bulk Infrastructure reaffirms our steadfast commitment to pursuing growth in data infrastructure that will play a critical role in serving the industries of tomorrow.

"Going forward, BGO will continue to support Bulk and its management team with its expertise and capital to enable Bulk to realize the generational opportunities we see today for AI-ready, GPU-based data centers.”

Besides investing in Bulk, BGO previously acquired two IBM data centers in Canada from the company in a sale-leaseback deal.

In Norway, Bulk has a data center campus in Oslo, and another in Kristiansand. The company also has a campus in Esbjerg, Denmark.