The Damac subsidiary eyes data centre projects in Asia, the Middle East, Europe and the US
Edgnex, a subsidiary of Dubai-based property developer Damac, has acquired Helsinki-headquartered data centre-focused real estate developer Hyperco as part of its European expansion strategy.
Damac announced the acquisition on 31 March.
Hyperco operates data centres in Finland and Sweden, "leveraging the region’s renewable energy sources, mature digital ecosystem and high connectivity", local media reports said.
Hyperco's three co-founders and existing team will continue to lead operations through the next phase of growth, according to a statement by the company.
Hussain Sajwani, founder of Damac Group, said his firm plans to "build a significant future capacity in the Nordics and establish a strong foothold in the market".
Edgnex’s recent European activities include a €150m ($161.9m) joint venture in Greece with Public Power Corporation to develop a 12.5MW facility, expandable to 25MW, and a €400m commitment to build a 40MW data centre in Madrid, Spain.
In January, Sajwani pledged $20bn to develop data centres in the US.
Sajwani and then US President-Elect Donald Trump announced the plan on 7 January in Florida, a day after the US Congress certified Trump as the winner of the 2024 presidential election.
The project’s initial phase covers establishing data centres in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan and Indiana.
It was previously reported that the Dubai-based property developer plans to develop $1bn-worth of data centres in countries in Europe, Asia, Africa, the Middle East and the Commonwealth of Independent States.
Edgnex is constructing two data centre facilities in Dammam and Riyadh in Saudi Arabia that will deliver 55MW in 2025. There are also plans for a data centre in Amman, Jordan, and another in Turkiye in partnership with Vodafone.
In May, Damac announced its entry into the Indonesian market with plans to build a 15MW data centre in Jakarta. The first construction phase for the facility is scheduled to be completed in the fourth quarter of 2025.
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