German private bank Hauck Aufhäuser Lamp Privatbank has acquired a data center in development in Hamburg.

Konii reports Hauck Aufhäuser, via its AL Digitale Infrastructure Germany 1 fund, has acquired a data center development in the Schleswig-Holstein municipality of Rellingen. Terms of the deal weren’t disclosed.

dataR - x-ion data center hamberg
Rendering of x-ion/dataR's upcoming data center – x-ion

Set on a 9,300 sqm (100,105 sq ft) site on the corner of Kellerstrasse and Hermann-Löns-Weg, the facility will offer 5MW across 4,900 sqm (52,745 sq ft) of technical space – around 600 racks. It will utilize water-and-air cooling with a target PUE between 1.08 and 1.225.

The company aims to use ammonia-based refrigerants in its chillers to reduce emissions. The site will use Adiabatic cooling and feature on-site solar panels.

The waste heat will be used by a school and other facilities in the district through integration into the local heating network. GmbH, a subsidiary of Hamburg cloud service provider x-ion, is developing the facility. A building permit was issued in spring 2023, construction has started, and completion is scheduled for the end of 2025.

After completion, the facility will be operated by x-ion's dataR GmbH unit. The rental agreement has a term of 20 years.

“With the purchase of the first data center for our fund, we are setting several exclamation marks through innovation and energy efficiency,” said Patrick Brinker, head of real estate investment management at Hauck Aufhäuser Lamp. “Because it is one of the most sustainable and innovative projects for digital infrastructure in all of Germany.”

Founded in 1753, Hauck & Aufhäuser Privatbankiers AG is a private bank based in Frankfurt. Last year the private bank's real estate investment management unit announced it was launching a €300 million ($327m) fund for institutional investors, targeting data centers in major German cities.

It is the company's first data center-focused fund, and this is seemingly the fund's first acquisition.

A recent report from React suggests the fund’s target is being increased to €500 million ($538m).

“With our fund, we offer institutional investors the only vehicle to date for investing in digital infrastructure in Germany,” added Brinker. “The investment focus of the open special AIF is on new hyperscaler and colocation data centers, which are primarily located near the larger Internet hubs. The target volume of the fund is several hundred million euros and we plan to achieve a distribution yield of at least six to eight percent, which will be significantly exceeded by the first investment.”

X-ion, founded in 2009, offers IaaS, PaaS, and SaaS cloud services from nine data centers globally across Hamburg, Frankfurt, Mumbai, Chicago, and New Jersey.

The company announced dataR alongside plans for a new data center in October 2022. Abendblatt suggests the company is investing €60 million ($64.5m) in the project.