October 2023 EMEA Data Centre Update

DATA CENTRE UPDATE

H1 2023

London, Frankfurt, Dublin, Amsterdam, Paris, Stockholm, Oslo, Madrid, Johannesburg, Milan, Brussels PRIMARY MARKETS:

SECONDARY MARKETS: Warsaw, Zurich, Riyadh, Copenhagen, Istanbul, Prague, Lisbon

UPDATED 16 November 2023 (Q2/H1 Update)

OUR PEOPLE CONFIDENTLY GLOBAL,

Our EMEA Data Centre Advisory Team as part of our Global Data Centre Advisory Group, has created optimal solutions and location strategies to address highly complex IT requirements for enterprise clients across the region and globally since 2004.

Our multi-disciplined team, consisting of experts across a spectrum of advisory services, focus specifically on the data centre market for seamless delivery. Every client requirement is unique; we have the experience to develop long-term strategies that drive wise investment decisions for enterprise users, colocation providers, hyperscalers, sector investors and developers.

Click on each name to email them EMEA DATA CENTRE ADVISORY - CORE TEAM

EMEA DATA CENTRE RESEARCH AND ADVISORY TEAM

PRITESH SWAMY Director, Research & Advisory

ADAM COOKSON International Partner & Head of Land Transactions

ANDREW FRAY International Partner & Head of EMEA Team

ASIA PACIFIC

VIVEK DAHIYA Head of Asia Pacific Team

LOCHAN SURANA Assistant Manager, Research & Advisory

LOTTIE TOLLMAN Partner, Capital Markets and Colocation

TOM OWEN Land Transactions

AMERICAS

JESSICA HOWE Vice President, Global Growth Verticals

CHARLIE SMITH Capital Markets & Colocation

ALINA STETSIUK Land Transactions

ASHWINI MASDEKAR Senior Associate, Research & Advisory

OUR DATA CENTRE REGIONAL TEAMS

AUSTRIA

GERMANY

NETHERLANDS

SOUTH AFRICA

MARESCH EUGEN GEORG

TOM OWEN

LEOPOLD WILLEMS

JESS CLELAND

BELGIUM

GREECE

NORWAY

SWEDEN

BART VANDERHOYDONCK

IOANNA PALIVOU

MARIUS GUSTAV DIETRICHSON

MICHAL TOPOROWSKI

CZECH REPUBLIC

IRELAND

POLAND

UNITED KINGDOM

MICHAL KORENSKY

BRENDAN SMYTH

KAMIL ZACH

DAVID BINKS

DENMARK

ISRAEL

PORTUGAL

TÜRKİYE

NATALIE KIELER KVAM

AMY LINK GIVATI

SERGIO NUNES

TUGRA GONDEN

FRANCE

ITALY

SPAIN

SWITZERLAND

GEOFFREY SWARTZ ORIOU

ALESSANDRO GAZZARI

RENO CARDIFF

NATALIA IGNATOVA

MARKET INSIGHTS

EMEA

The EMEA region is witnessing a strong boom for demand and data centre investments, in the prominent markets as well as secondary markets. Currently, EMEA region has 6.9GW of total operational capacity with 2GW under construction and 5.4GW in planned stages. The top markets in Europe - London, Amsterdam, Frankfurt, Dublin, and Paris continue to see rise in capacity despite the headwinds emerging from power availability and sustainability regulations. This has led to increasing interest of data centre operators in secondary markets such as Madrid, Milan, Stockholm, Copenhagen, Oslo, and Warsaw. The Nordic countries, including Denmark, Finland, Norway, and Sweden, have immense potential, as they presently contribute 12% of the total data centre pipeline (UC and planned) of the entire region; and are expected to increase in attractiveness for data centre investment. In the Middle East, Riyadh and Johannesburg in South Africa are steadily emerging owing to their reliable connectivity, market size, and hyperscale service providers establishing themselves in region.

The top global hyperscale cloud service providers (CSPs) are investing in secondary markets such as Brussels, Warsaw, Zaragoza, and Copenhagen, with over 150MW of combined under construction capacity underway. The presence of CSPs is likely to attract some of the major colocation data centre operators, developers, and investors to these emerging markets. To track the robust data centre markets in the EMEA region, and to understand their rapid growth, for the first time, we have introduced our Europe, Middle East, and Africa Data Centre Maturity Index . This report provides a comprehensive data centre outlook for 18 notable markets: London, Frankfurt, Dublin, Amsterdam, Paris, Madrid, Milan, Riyadh, Stockholm, Copenhagen, Johannesburg, Oslo, Warsaw, Brussels, Zurich, Istanbul, Lisbon, and Prague.

6.9GW is currently operational across EMEA region with 2GW under construction & 5.4GW in planned stages

Nordic countries have upcoming capacity of ~900MW, contributing to 12% of the regions total (UC & planned)

London & Amsterdam are on track to exceed 1GW in operational capacity in 2024

~54% of the operational capacity is concentrated in the regions top 5 markets - London, Amsterdam, Frankfurt, Dublin & Paris

<6% Vacancy rate in France, Germany and Ireland owing to high demand in the region

Middle East countries including Saudi Arabia, UAE, Egypt & Qatar have >340MW of combined operational capacity, with 9% of the total upcoming capacity in the EMEA region (UC & planned)

With 133MW in operation & ~200MW upcoming capacity (UC & planned) Johannesburg continues to attract major data centre operators

EMEA MARKETS Q2 2023 UPDATE

Oslo

Madrid

Stockholm

Johannesburg

Milan

London also has the potential to be the first market in EMEA to become >2GW market in the next 5-7 years, assuming full development of its supply pipeline. Amsterdam is following London but can see some restraints due to the on-going moratorium. Dublin and Frankfurt can potentially develop into >1.5GW market, which is more than double of their current operational capacity. Paris is expected to see an exponential growth and is expected to become 3X of its current operational capacity. These 5 markets cumulatively account for more than 50% of the operational data centre capacity in EMEA and more than 45% of the under construction and planned capacities combined. Being the most preferred markets by end clients, these markets have the lowest vacancy rates as compared to the rest of the EMEA region. The extensive growth in these markets however present major land and power challenges for future developments. ESTABLISHED Brussels, Stockholm, Johannesburg, Abu Dhabi, Madrid, Milan, Berlin and Oslo account for about 14% of the total operational capacity in the region. These markets are likely to triple in size. Oslo is looking to become more than 5x its current operational capacity, as a lot of operators are eying the Nordics to build their AI-data centres, due to favorable power generation, political and environmental conditions. There has been an increasing interest in sustainable data centres in these markets as lower energy consumption and reduced greenhouse gas emissions, is helping operators align with global efforts to combat climate change and fulfil their own sustainability goals.

Our Maturity Index tracks 31 data centre markets across EMEA* to compare their current maturity status as well as their evolution over the next 5 – 7 years. It is a statistical comparison that evaluates markets on 21 parameters, including the IT MW capacities of each market’s operational, under construction, planned and land banked stages of development, the summation of which is visually indicated by the size of each market’s circle on the graph. The index also factors vacancy rates, number and average size of data centres based on their status, number of operators that have operational data centres in each market, and the new operators that are entering the market. These data points are stacked into a parameter matrix and weighted to derive their overall growth score - the higher the growth score, the more evolved the market. The commonly used references data centre markets as primary and secondary have been broken down further into the below four categories: * For all analysis, EMEA region includes London Amsterdam, Dublin, Frankfurt, Paris, Brussels, Stockholm, Johannesburg, Abu Dhabi, Madrid, Milan, Berlin, Oslo, Vienna, Istanbul, Marseille, Doha, Prague, Copenhagen, Zaragoza, Jeddah, Barcelona, Lagos, Lisbon, Nairobi, Athens, Zurich, Warsaw, Dubai, Riyadh and Dammam POWERHOUSE Frankfurt, London, Amsterdam, Paris and Dublin (FLAP-D) are categorized as powerhouse markets. These are the markets with the largest operational data center estates as well as under construction and planned capacity in EMEA. London is forecasted to become the first market in EMEA to hit 1GW operational capacity shortly.

Warsaw

Abu Dhabi

Zurich

Brussels

Berlin

Riyadh

Dubai

Dammam

Lagos

Copenhagen Zaragoza

Istanbul Nairobi

GROWTH SCORE

Vienna

Doha

Jeddah Barcelona

Marseille

Athens

Prague

Lisbon

Emerging Developing

Established

Emerging

Primary

Many data centre operators are either expanding their footprint or are looking to enter these markets owing to their strategic location and availability of infrastructure for data centre operations. DEVELOPING These markets are characterized by relatively small data centre capacities but are considered important from growth perspective in the mid to long term. Zurich, Warsaw, Dubai, Riyadh and Dammam account for less than 5% of the operational capacity in EMEA but are expected to increase their share in the forthcoming years. The Middle Eastern markets of Riyadh, Dubai and Dammam are expected to become more than 5X of its current operational capacity due to an uptake in consumption as this region is going to experience a technology revolution and may become a global hub for AI and innovation. EMERGING This category comprises of Vienna, Istanbul, Marseille, Doha, Prague, Copenhagen, Zaragoza, Jeddah, Barcelona, Lagos, Lisbon, Nairobi, Athens and accounts for only about 5% of the total operational capacity in EMEA. Emerging markets are still in the early phases of development, but many data centre operators are interested in these markets due to ease of doing business, growing consumer demand, suitable land parcels, fibre connectivity, and formation of new cloud regions. NORTHERN VIRGINIA (NoVa), US COMPARISON Placed on the graph as a comparison, NoVa has continued its status as the preeminent North American data centre market despite growing headwinds for land and power availability. Recognized as the global leader in data centre capacity, NoVa’s operational capacity of 2.9GW is 69% higher than London (0.99 GW), the largest market in EMEA. Moreover,

This would suggest a roadmap for EMEA powerhouse markets to continue to grow in scale while keeping steady occupancy going forward. Note, the size of NoVa on our maturity index graph is shown for comparison purposes only. Its position would be much further right and higher if NoVa’s position on the graph was scaled proportionately. SUMMARY The FLAP-D markets in EMEA have seen consistent growth over the past 5-7 years and are anticipated to remain on the same trajectory. However, if we compare these markets to NoVa, they remain much smaller in overall capacity. NoVa market’s pipeline (total under construction, planned and land banked) far exceeds the cumulative capacity of the combined EMEA powerhouse markets. Middle East markets of Dubai, Abu Dhabi, Doha, Riyadh, Jeddah and Dammam are expected to more than triple their current cumulative operational capacity from 311 MW to >1 GW market upon the delivery of all under construction and planned pipeline assets. The EMEA market is poised to experience a substantial data centre growth, driven by an increasing reliance on digital services, cloud computing, and data-heavy applications, resulting in a growing demand for data centre infrastructure. Additionally, the region's strategic location acts as a data traffic nexus between continents, making it an appealing hub for global connectivity. The growth of businesses and industries within the EMEA region, along with the emergence of technologies such as IoT and 5G, is creating a heightened need for data processing and storage capabilities. Moreover, environmental concerns are fostering the adoption of more eco-friendly data centre solutions, in line with the region's emphasis on energy efficiency and reducing carbon emissions. These combined factors contribute to the anticipation of significant data centre growth in the EMEA market. The following pages of this report provide a comprehensive overview of strategic data centre markets across EMEA.

London 2,166MW

Frankfurt 1,877MW

Dublin 1,629MW

Amsterdam 1,310MW

Paris 1,084MW

Northern Virginia 7,625MW

the NoVa market alone is equivalent to 29% of the cumulative operational capacity and 98% of under

construction capacity in EMEA. Despite having extensive operational data centre capacity, NoVa continues to maintain amongst the lowest vacancy rates globally, at 1%.

Powerhouse

IT MW Capacity

Colo Hyperscale Cloud Telco

EMEA POWERHOUSE MARKET OVERVIEW

HEMEL HEMPSTEAD

LONDON DOCKLANDS & CBD

HAYES

KEY INDICATORS*

996MW IN OPERATION

45 OPERATORS, 121 DATA CENTRES

SLOUGH

PARK ROYAL

118MW UC / 610MW PLANNED

9% VACANCY RATE

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

London is the largest data centre market in EMEA and continues to see a steady rise in supply. The under-construction capacity at the end of Q2 2023 stood at 118MW where as 610MW is in the planning stages. Considering the current under-construction pipeline, London is expected to become the first market in EMEA to surpass the 1GW of operational Data Centre capacity. While London has consistently witnessed addition of new capacity, demand has kept pace. Therefore, the vacancy has remained in single digits i.e., 9% at the end of Q2 2023. Owing to factors such as restrained import of gas & power, increased power consumption and delays in upgrading/adding substations, London faces challenges with regards the price of power and securing power capacity for expansion and new development of data centres. Despite power challenges, London continues to attract the interest of operators as well as end clients. While the market already has operational data centres of 40 operators, seven new operators have their data centres currently in the under-construction and planned stages in London. West London markets such as Hayes, Park Royal and Slough have the highest operational data centre capacity currently. The Slough cluster alone accounts for 32% (314MW) of operational capacity whereas 21% (204MW) is in the Hayes and Park Royal clusters combined. The West London locations also have the highest development pipeline of data centres, accounting for 65% (451MW) of the under-construction and planned pipeline cumulatively. The strain placed on the National Grid, especially to the West of London has created negative coverage in the media, which during H1 2023 sought to argue that data centres are taking power away from residential housing consumption and using high volumes of water. Power upgrades may not come online until 2028-2032, so some operators are looking elsewhere around the M25 beltway, which is shown clearly on the adjacent map) and looking to the East of London, as well as the West.

ECOSYSTEM DEVELOPMENTS • Digital Realty has sold its data centre in Watford to CapitaLand Ascendas REIT. The asset was occupied by five tenants making up the data centres 80% occupancy rate. It is estimated the facility had just over 12MW of power. The purchase gives CapitaLand its fifth data centre in the United Kingdom. • Equinix put forward plans for a five-storey 30MW+ LD14 data centre at the Slough Trading Estate. • Vantage Data Centers is planning a second facility, LHR2, to follow their first entry into London, LHR1. The 20MW project in Park Royal is planned to complete full buildout in 2025. • Global Technical Realty announced in June that it has fully leased its 40.5MW GB One data centre. The first phase of the project is scheduled to be completed in Spring 2024 with full build out anticipated in the first half of 2025. The facility will be comprised of three data centres with each providing 13.5MW of power and 5,373 sqm of white space. GTR began construction on the asset in January 2022. • Colt Technology Services has completed a new network. Routed along the Channel Tunnel, the dark fibre cable will link London and Paris. In 2021, Colt and Getlinked agreed to a 25-year exclusive concession contract to deploy and operate a new fibre network through the tunnel, where Colt claims roughly 80% of internet traffic between the UK and Europe now travels. Early this year, Colt began construction on a new 57-acre data centre in Hayes. • Global Switch received approvals for a 27,000 sqm facility adjacent to its existing data centre. • RETN has continued to grow its network as well. Utilizing Crosslake Fibre’s Cross Channel infrastructure, the company recently added a new low latency route that will connect London and Paris. • Telehouse is expanding its South facility in London’s Dockhands. The company is adding two additional floors of colocation space that will increase the assets power capacity to 7.7MW. The data centre first opened in 2022, the expansion is expected to be complete by mid 2024.

H1 23 LDN

UNITED KINGDOM

RECENT SALES PROPERTY / SITE

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

9-13 Caxton Way (Chess)

8,412 sqm Aug 2023

$160.4M

CapitaLand Ascendas Digital Realty

EMEA DATA CENTRE TEAM Click on each name to email them

Vodafone DC Portfolio

18,580 sqm Sep 2023

$125.5M

ICG

British Land

CONSTRUCTION & PLANNED UPDATES*

ANDREW FRAY International Partner & Head of EMEA Team

OPERATOR

DATA CENTRE Bracknell Didcot – Phase 1 Didcot – Phase 2 Swindon Longcross Park Union Park Alliance Park Union Park

LOCATION Berkshire Didcot Didcot Wroughton

POWER (MW)

STAGE - EST. RSF

9 9 30 9 50 48 30 24

UC UC Planned UC Planned Planned Planned UC UC Planned Planned Planned UC Planned Planned UC UC Planned Planned UC Planned Planned Planned Planned

Hyperscale CSP 2

ADAM COOKSON International Partner & Head of Land Transactions

Longcross Hayes Park Royal Hayes

LCY20

London

23

IN-COUNTRY CONTACTS Click on each name to email them

Slough – Phase 1 Slough – Phase 2 Romford North Romford South

Slough Slough

13.5 27

Romford Romford

3 6

DAVID BINKS International Partner United Kingdom David.binks@cushwake.com FRANCO CAPELLA International Partner United Kingdom Franco.capella@cushwake.com DAVID HAYNES Head of Specialist Markets United Kingdom David.haynes@cushwake.com

London One London One

Essex Essex

8.8 17.6

London West 2 London South London South

10 2.5 1.5

London

Hyperscale CSP 1

Bashley Road

London

96

Hempstead 4 – Phases + London One – Phases +

Hemel Hempstead Dagenham

16 48 8 40 20

LHR11 LHR12 LHR21

Park Royal

Wexham

Slough

60

Planned

Hayes London North

Hayes London Slough London

54 3 9 1.8

Planned Planned

LD11x LD8

UC UC

* Excludes Captive & ICT construction updates.

Colo Hyperscale Cloud Telco

EMEA POWERHOUSE MARKET OVERVIEW

SOSSENHEIM

KEY INDICATORS*

23 OPERATORS, 64 DATA CENTRES

620MW IN OPERATION

FRANKFURT AM MAIN

GALLUS

181MW UC / 841MW PLANNED

1% VACANCY RATE

HATTERSHEIM

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

Frankfurt continues to maintain its position as one of the top markets in Europe. There are 30 operators with operational data centres in Frankfurt currently, seven new operators are in process of setting up their first data centres. While the market continues to see new capacity getting added in each quarter from existing and new operators, demand has also kept pace. As a result, the vacancy rate has remained unchanged at 1% and expected to remain low in the short term. Frankfurt being a financial hub, witnesses significant demand from the banking & financial services industry. The Frankfurt market continues to witness rapid development of data centres and has 181MW of capacity under construction and 841MW capacity in the planned stages, at the end of Q2 2023. Frankfurt’s development pipeline is the second highest in EMEA and will ensure the market remains on the growth trajectory over the next 5 to 7 years. Frankfurt Am Main and Sossenheim are the largest clusters currently however, peripheral locations such as southern Frankfurt, Hanau in the east and Mainz in the west are of growing interest with several operators announcing their development plans in these locations. Data4 acquired a 20 hectare site from P3 Logistic Parks in Hanau with a plan to build its own data centre. Goodman announced purchase of a 4.5-hectare brownfield plot in Neu-Isenburg for development of a 100MW facility. Green Mountain formed a new joint venture with energy firm KMW to develop a 54MW campus in Mainz. Significantly, Frankfurt has been zoned for data centre development by the local government, which heavily restricts where data centres can be built. When combined with the realities of obtaining available power at scale, Frankfurt is becoming constrained in a similar manner to other members of the FLAP-D. Sensitivity towards sustainability is also increasing for the country to meet climate targets. In April, the German government introduced a set of legislative initiatives with the primary objective of substantially enhancing energy efficiency standards. While the government's plan to prohibit the use of fossil-based heating systems has garnered significant public interest, it is worth noting that certain proposed measures are put in place to intensify energy efficiency criteria for data centres operating in the country.

ECOSYSTEM DEVELOPMENTS • Equinix is implementing a heat recycling feature in its FR4, FR6, and FR8 data centres. The project will heat approximately 1,000 homes in the Frankfurt area. The program could spur others to follow suit, particularly as German legislative proposals mandating data centres repurpose wasted heat begin the swirl. • CyrusOne is planning two new data centres in Frankfurt. The first, FRA6, is a 72MW, 27,500 sqm, single building facility with four floors. CyrusOne acquired the FRA6 site, a 49,000 sqm office complex from Corex for $102M in January. The second data centre, FRA7, will be built in Frankfurt Westside at the former Griesheim Industrial Park. It will be comprised of two buildings offering a total power capacity of 81MW. FRA7 will also feature a heat recycling feature. Construction is expected to start in the back half of 2024 and will be complete in 2026. • Digital Realty intends to route 20MW of waste heat to Mainova’s district heating network from their Fechenheim data centre. • I Squared Capital placed $500M equity into a new data centre platform, nLighten, which will focus on edge locations. nLighten plans to open ten locations in multiple German markets during the second half of 2023. The initial portfolio for the platform was seeded with the acquisition from EXA Infrastructure (formerly GTT). • Green Mountain and KMW , a German power company, have formed a new join venture to develop a new data centre campus in Mainz, roughly 30km southwest of Frankfurt. The partnership will be evenly split between the two companies. The campus will be comprised of three buildings, 18,000 sqm of IT space, and a power capacity of 54MW. The development will adhere to strict sustainability standards. • DATA4 acquired a 49-acre site in Hanau to develop a 180MW campus for a total build cost of $1.1B. • Goodman Group aims to construct a 100MVA campus on a 12-acre site in Southern Frankfurt. The development of the brownfield site will result in a 45,000 sqm initial phase of a data centre. • NGN Fiber Network has deployed the shortest possible dark fibre route connecting Frankfurt and Berlin, more than 20km shorter than any other. NGN has been expanding its network aggressively with 1,500km of new routes added in 2022.

H1 23 FRA GERMANY

RECENT SALES PROPERTY / SITE

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

Rathenaustrasse 29-31

11.1 acres

Mar 2023

(undisclosed)

Goodman

Isarkies

EMEA DATA CENTRE TEAM Click on each name to email them

Former Grossauheim- Kaserne 61.2 acres

Jan 2023

(undisclosed)

DATA4

P3 Logistics

CONSTRUCTION & PLANNED UPDATES*

OPERATOR

DATA CENTRE GER1 & GER2 – A GER1 & GER2 – B

LOCATION

POWER (MW)

STAGE - EST. RSF

ANDREW FRAY International Partner & Head of EMEA Team

Frankfurt am Main Frankfurt am Main

11 101

UC Planned

Frankfurt West

Frankfurt

20.5

Planned

ADAM COOKSON International Partner & Head of Land Transactions

Frankfurt V

Frankfurt am Main

54

Planned

Digital Park Frechenheim - 1 Digital Park Frechenheim - 3 Digitalpark Hattersheim - 1 Digitalpark Hattersheim - 2

Frankfurt Am Main Frankfurt Am Main

159.2 12.8 60 10

Planned UC Planned UC

Hattersheim Hattersheim

IN-COUNTRY CONTACTS Click on each name to email them

FR11x - 2 FR13 - 2 FR16x

14.8 11.3 14

UC UC UC

Frankfurt am Main

Google Hanau

Hanau

30

Planned

ADAM FLACH Consultant, Investment Sales Germany Adam.flach@cushwake.com

FRA-1 - B FRA-2 - C Frankfurt Frankfurt Frankfurt 4 Frankfurt 4

Frankfurt Am Main Frankfurt

18 5.2 20 10

UC UC

Planned UC Planned UC Planned UC Planned UC Planned UC Planned Planned UC Planned UC

Frankfurt am Main

SIMON JESCHIORO Head of Investment Advisory Germany simon.jeschioro@eur.cushwake.com

30.2 5.8

Hattersheim

FRA1 FRA1 FRA2 FRA2

Frankfurt Am Main Frankfurt Am Main

24 16 24 8 54 10 54 90 10 30 10

Frankfurt Frankfurt

FRA I Data Centre - 1 FRA I Data Centre - 2

Frankfurt

FRA1-Main

Frankfurt

FRA-01 FRA-01

Hattersheim

Frankfurt - Bischofsheim Frankfurt - Bischofsheim

Frankfurt

* Excludes Captive & ICT construction updates.25MW

BALLYCOOLIN

Colo Hyperscale Cloud Telco

CLONSHAUGH

EMEA POWERHOUSE MARKET OVERVIEW

KEY INDICATORS*

15 OPERATORS, 40 DATA CENTRES

738MW IN OPERATION

270MW UC / 576MW PLANNED

2% VACANCY RATE

CLONDALKIN

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

According to EirGrid, the national utility provider, data centres accounted for almost a fifth of all electricity consumed in Ireland during 2022. EirGrid has also projected power consumption by data centres to increase by 9TWh by 2030, accounting for 23% to 31% of total grid supply. This comes at a time when the government is working to reduce the national emissions by 80% by increasing the share of renewable energy. It also seeks to enhance its efforts to decarbonise by moving heating and transportation to electricity, which will further increasing the load on the power grid. Dublin is one of the prominent data centre markets in Europe. However, development of new data centres has become challenging owing to EirGrid’s stance against augmenting power capacity at least until 2028. Moreover, the de facto moratorium on data centre projects levied in Jan 2022 remains in force. Therefore, applications of several operators for new data centre development in recent times have been rejected by local councils, citing energy usage and impact on the environment issues. Owing to restrained supply pipeline, the Dublin market continues to witness low vacancy rate of 2%. While 846MW capacity is in the development pipeline, construction timelines of these data centres is questionable owing to challenges to obtain approvals and power to bring them online. With mounting demand, public and private entities are actively working to alleviate the strain on the Dublin power grid. This includes efforts by the Irish government to establish and auction new renewable energy sources, as well as exploring alternatives like hydrogen fuel cells for individual data centres. Hyperscalers and colocation providers have purchased a substantial number of generators of various fuel types to augment and ensure sufficient power including hydrotreated vegetable oil (HVO) for generators. Local councils have had varied responses to the utilization of these generators and have tightened regulatory frameworks on this side as well. Looking ahead, the future growth of the Irish data centre market may largely depend on the speed at which robust, sustainable energy sources become available to the wider population, while improvements to the overall infrastructure appears essential.

ECOSYSTEM DEVELOPMENTS • Despite power concerns, AWS has gained approval for three data centres in Dublin totaling 42,000 sqm. Once complete, the buildings would double the campus’ power capacity. The recent hyperscale activity is an encouraging sign for Dublin after substantial power grid limitations have in-part restricted data centre development. As one of the largest generator consumers in Ireland, AWS has begun to transition its backup generators to utilize biofuel. • Microsoft is planning a new campus in Naas, approximately 30km Southwest of Dublin. Details of the facility are not yet known; however, Microsoft has stated its preference for a 100% renewable power solution for the campus. • TikTok parent company, ByteDance , has brought its Dublin data centre online. The facility was initially announced in 2020 and is expected to reach full build out in late 2024. ByteDance has begun transferring European data to the centre as questions over the company's data privacy loom. The building is the company's first data centre in Europe. • CyrusOne is planning a new data centre in Dublin, located at the Grange Castle Business Park, the facility will consist of two buildings totalling 35,000 sqm. The facility is expected to be complete in 2024 but has been delayed previously due to lack of grid capacity in the area and a changed policy by EirGrid, a state-owned electric power transmission operator. • Servecentric is expanding its service line after generating 300% in revenue growth from 2021. The company has rolled out a new PaaS offering alongside scalable data computer resources and storage to compliment its existing services. Servecentric is also planning on building its own data centre on just under 2 acres of land in Ballycoolin. It's estimated the facility would offer around 8.5MW of capacity. • Bord Na Mona is nearing a deal to develop 7,000 acres for energy development toward Rochfortbridge colo projects. • In September, Principal Asset Management purchased two data centres from an undisclosed seller. Combined the facilities make up 7,500 sqm and are fully leased to Vodafone and Verizon.

H1 23 DUB IRELAND

RECENT PROPERTY & SITE SALES PROPERTY / SITE SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

Willsborough Industrial

7,500 sqm Sep 2023

$10.8M

Principal Asset Mgmt

(undisclosed)

EMEA DATA CENTRE TEAM Click on each name to email them

CONSTRUCTION & PLANNED UPDATES* OPERATOR

DATA CENTRE

LOCATION

POWER (MW) STAGE - EST. RSF

ANDREW FRAY International Partner & Head of EMEA Team

Planned Planned Planned Planned

Clonshaugh - 2 Drogheda - 2 DUB069 Grange Castle - 2 Mulhuddart - 2

Clonshaugh

24 30 50 48

Hyperscale CSP 2

Clondalkin Ballycoolin

Dublin I - 2

Clondalkin

42

Planned

ADAM COOKSON International Partner & Head of Land Transactions

DUB4 DUB4 Profile Park - 2

Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin Clondalkin

1 2 40 30 60 56

UC Planned Planned UC Planned Planned

DUB 10 - 1 DUB 10 - 2 DUB 40 EDCDUB02 EDCDUB03 EDCDUB04 EDCDUB05

IN-COUNTRY CONTACTS Click on each name to email them

8 8

UC UC

BRENDAN SMYTH Director, Ireland Brendan.smyth@cushwake.com

30 30

Planned Planned

Bracetown

Rest of Dublin

72

Planned

AIDAN GAVIN Managing Director, Ireland Aidan.gavin@cushwake.com

DB6x

Ballycoolin

10

UC

DUB 2-5 - B Dublin 6 Citywest Grange Castle II - 2 Grange Castle II - 3 Huntstown

Ballycoolin Rest of Dublin

30 8 48 48 72 16 36

UC Planned UC Planned UC UC Planned

Clondalkin Clondalkin Ballycoolin Ballycoolin Ballycoolin

Hyperscale CSP 1

Orion - 1 Orion - 2

Dub 11 and Dub 12

Clondalkin

48

UC

* Excludes Captive & ICT construction updates.

GRONINGEN / EEMSHAVEN

Colo Hyperscale Cloud Telco

EMEA POWERHOUSE MARKET OVERVIEW

MIDDENMEER

KEY INDICATORS*

31 OPERATORS, 77 DATA CENTRES

951MW IN OPERATION

130MW UC / 196MW PLANNED

7% VACANCY RATE

AMSTERDAM CBD

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

Amsterdam is the second largest market in Europe after London and expected to cross the 1GW operational capacity mark over the next 6 to 12 months. The market continues to witnesses demand from clients across BFSI, Telecom and Cloud services sectors, reducing the vacancy rate from 11% to 7% over the last 6 months. Construction activity has seen an uptick, with 130 MW of capacity currently under construction and 196 MW in planning stages. In Amsterdam, the CBD cluster remains the most preferred location by data centre operators, accounting for ~50% of the operational capacity and 80% of the under-construction capacity. The effective moratorium on data centre developments over 70MW and 10ha remains in place, however, effectively restricting the ambitions of the major investors in hyperscale. The moratorium applies to the whole of the Netherlands, except for the municipalities of Hollands Kroon and Het Hogeland. Establishing data centre infrastructure in Amsterdam is becoming challenging due to the lack of upgrades to key electricity substations. Nevertheless, factors such as deployment of 5G networks, increasing internet connected devices, cloud adoption, etc., continue to drive demand thereby attracting operators to deploy new data centres in this market. In April 2023, Microsoft gained authorization to build a new data centre in Hollands Kroon, underscoring the ongoing expansion of the region’s cloud data infrastructure. Later in June, Digital Realty announced acquisition of an 8.9 acres land parcel land in Schiphol, Amsterdam to support development of a 40MW data centre. The increasing investment in renewable energy and powering the data centre facilities with clean and green energy is likely continue as many operators are working towards reducing the power usage. Google has signed multiple long term Power Purchasing Agreements (PPA’s) in the last 6 months to power its data centres in Netherlands as it aims to be carbon free by 2030.

ECOSYSTEM DEVELOPMENTS • Microsoft has received a final environmental permit for the construction of its latest data centres in the market, AMS13 and AMS14. Earlier this year, Microsoft had received construction permits for its AMS1/AMS13 data centres in Hollands Kroon. The two 36MW structures will utilize a direct air and evaporation cooling system and attain a PUE of 1.18. • Principal Asset Management purchased a logistics facility that will be leased to Switch Data Centres and converted into a data centre. After conversion, the facility will feature a waste heat recycling to for use with local district heating and solar panels capable of generating over 1MW of capacity. A new substation is also scheduled to come online that will provide the building with 42MW of power. Switch is hoping to complete the repurpose by 2024 but could be as long as 2026. • Digital Realty acquired just under nine acres of land near its Schiphol campus in Amsterdam. The purchase will allow additional expansion that could support more than 40MW of total capacity. • Dutch data centre operator Serverius was acquired by Finnish CapMan Infra for an undisclosed amount. In total, Serverius operated 8MW across three sites in the Netherlands. • KnownHost has launched a new data centre in Amsterdam. The facility will be the companies first in Europe. • InMotion has expanded its array of hosting services at its Amsterdam data centre. The company now offers bare metal, VPS and WordPress hosting services. InMotion recently transitioned from a temporary data centre in Amsterdam to a nearby Digital Realty facility. • AMS-IX , Amsterdam Internet Exchange, changed consumer facing switch providers last year and as a result Equinix AM5 has reduced its power consumption by 85% while port capacity has increased. 15 other locations in Amsterdam are scheduled to receive the upgraded switches as well

AMS NETHERLANDS

H1 23

RECENT PROPERTY & SITE SALES PROPERTY / SITE SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

Schiphol Campus

8.6 acres

Jun 2023

(undisclosed)

Digital Realty

(undisclosed)

EMEA DATA CENTRE TEAM Click on each name to email them

Fokkerweg 300

5,000 sqm Jul 2023

$8.1M

MNK Partners

Revcap, Unifore

Schiphol Industrial

6.1 acres

Aug 2023

$42.8M

Principal Asset

(undisclosed)

ANDREW FRAY International Partner & Head of EMEA Team

CONSTRUCTION & PLANNED UPDATES*

OPERATOR

DATA CENTRE

LOCATION

POWER

STAGE - EST. RFS

5 41

UC Planned Planned Planned Planned UC Planned UC Planned UC Planned UC Planned

Amsterdam I and 2

Halfweg

ADAM COOKSON International Partner & Head of Land Transactions

AMS 11 AMS-16 AMS-17

Schiphol-Rijk Hoofddorp Science Park 120

27 7 1.4 4 28 50 18

IN-COUNTRY CONTACTS Click on each name to email them

Amsterdam East

Amsterdam

EDCAM06 EDCAM07

Rozenburg Netherlands

NIELS TROOST Valuer, Valuation & Advisory Netherlands Niels.troost@cushwake.com

AMS 1 and AMS 2 – Phase 3 AMS 1 and AMS 2 – Phase 4

Haarlem Haarlem

5 5

11 23

Data Centre

Amsterdam Westpoort

JEROEN LOKERSE Head of Netherlands jeroen.lokerse@ eur.cushwake.com

Groningen

Groningen

1.5

UC

AMS 4

Diemen

7

UC

11 11

UC Planned UC Planned

Amsterdam 1

Rozenburg

36 36

Hyperscale CSP 1

AMS13/AMS14

Alkmaar

* Excludes Captive & ICT construction updates.

Colo Hyperscale Cloud Telco

EMEA POWERHOUSE MARKET OVERVIEW

AUBERVILLERS

NANTERRE

KEY INDICATORS*

33 OPERATORS, 77 DATA CENTRES

455MW IN OPERATION

VELIZY

136MW UC / 493MW PLANNED

5.3% VACANCY RATE

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

MARKET OVERVIEW

Paris is a highly mature data centre market in EMEA, having presence of global operators such as Equinix, Digital Realty, Colt, Telehouse KDDI for more than 25 years. Paris has built a significant development pipeline of 629MW of which of 136MW is under construction and 493MW is in planning stages. The major contributors to the upcoming supply include Data4, CloudHQ and ColtDCS that cumulatively account for about 60% of the current development pipeline. Demand from local French corporates from key industries such as Insurance, Pharmaceuticals, Energy, Digital Media and Cloud contribute towards keeping the vacancy rates compressed. Therefore, at the end of H1 2023, Paris recorded one of the lowest vacancy rates in the region of just 5.3%. Investors were actively seeking opportunities in the Paris market during the H1 of 2023. In April, AXA IM announced sale of its stake in Data4 to Brookfield Infrastructure. Later in June, nLighten acquired Euclyde Data Centres which operates six carrier-neutral data centres across France. Paris has set a target of achieving carbon neutrality by 2050, and substantial measures have been undertaken to advance this objective. While France’s energy strategy is substantially underpinned by nuclear power, Paris has directed substantial investments towards solar and wind energy initiatives, alongside augmenting the adoption of hydroelectric and geothermal power sources. Concurrently, significant investments have been channeled into fiber infrastructure development, with a primary focus on enhancing high-speed internet accessibility for both its populace and commercial entities. These multifaceted endeavors are not only pivotal for the data centre sector, but also align with Paris's broader economic development and technological ambitions, which also play into Paris being a showcase city for the 2024 Olympics.

SOUTH PARIS

ECOSYSTEM DEVELOPMENTS • CyrusOne has been permitted to expand its data centre in Versailles following successfully defeating a legal challenge to the project. The expansion is anticipated to add 83MW and 15,000 sqm of white space to the facility. It is suspected that the site has been fully leased by a hyperscaler, potentially AWS, however this has not been confirmed. • OVH Cloud has joined other cloud platforms in offering AI instances to its clients. This follows the company’s recent acquisition of a Quandela quantum computer for internal research and development. • Icade has signed a prelease with Equinix for approximately 7,500 sqm to its data centre in Seine-Saint-Denis. • DATA4 is planning a new campus in Nozay, France, roughly 330km southwest of Paris. DATA4 acquired the site from Nokia in April and is expected to build 8 buildings totalling 32,000 sqm and 120MW of power. DATA4 is targeting 2030 to reach full build out and is investing €1B to construct the asset. • Telehouse opened an 18MW second phase to its Magny data centre campus. The delivery totals 12,000 sqm over five data halls. • nLighten , I Squared Capital’s edge data centre platform, has been an acquisition spree and its latest pickup was Euclyde, an operator of six total French facilities including a Parisian data centre in Ile-de-France. • RETN has invested in a new 550km fibre network that will provide a low latency connection between London and Paris. • Colt Technology Services has completed the routing of a new dark fibre cable that will link London and Paris. The new network will provide companies with quicker, more reliable data connectivity while helping meet the growing demand for cloud computing across the countries. • Orange has gone live with AMITIE, a transatlantic sub-cable serving Aqua Comms, Meta, Microsoft and Vodafone.

H1 23 PAR FRANCE

RECENT SALES PROPERTY / SITE

SIZE

SALE DATE

SALE PRICE (US$)

BUYER

SELLER

7 Rte de Villejust

7.9 acres

Apr 2023

(undisclosed)

DATA4

Nokia

DATA4 Paris-Saclay

47,300 sqm Apr 2023

(undisclosed)

Brookfield

AXA (DATA4 SALE)

EMEA DATA CENTRE TEAM Click on each name to email them

93 Cr Des Petites Ecuries

16,000 sqm Jan 2023

(undisclosed)

Penta Infra

Sungard

ANDREW FRAY International Partner & Head of EMEA Team

CONSTRUCTION & PLANNED UPDATES*

OPERATOR

DATA CENTRE

LOCATION

POWER (MW)

STAGE - EST. RSF

Lisses Lisses

124 24.8

Planned UC Planned UC Planned Planned Planned Planned UC Planned UC Planned Planned Planned UC UC Planned Planned UC UC Planned UC UC Planned

Lisses

ADAM COOKSON International Partner & Head of Land Transactions

PAR1&2 PAR1&2 PAR3

25 5 80 40 87

Paris

Les Ulis I & II Villebon I & II

Les Ulis Villebon

IN-COUNTRY CONTACTS Click on each name to email them

Paris I

Wissous

3

PAR10 PAR10 PAR11 PAR11

Aubervillers Aubervillers Aubervillers Aubervillers South Paris Paris Aubervillers Aubervillers Nanterre Nanterre Velizy Aubervillers

11 11 11 11

GEOFFREY SWARTZ-ORIOU Head of Tenant Representation Geoffrey.SwartzOriou@ eur.cushwake.com

PAR13/14 PAR13/14 PAR9

50 30 22

PA10 PA12 PA12 PA13x Porte de Paris Data Centre Paris Magny-Les-Hameaux Paris Magny-Les-Hameaux

4 12 12 14 8

14.4 3.6

Versailles

DC3 DC5

Vitry-sur-Seine St-Ouen l’Aumône

3 9.5

TDC01

Aubergenville

12

Planned

* Excludes Captive & ICT construction updates.

Colo Hyperscale Cloud Telco

GAVLE

EMEA ESTABLISHED MARKET OVERVIEW

NORTH

KEY INDICATORS*

GREATER STOCKHOLM

19 OPERATORS, 35 DATA CENTRES

158MW IN OPERATION

12MW UC / 141MW PLANNED

16% VACANCY RATE

* Definition: Key indicators are based on operational Hyperscale Cloud, Colo, Edge & Telco data centre facilities in the market and excludes Captive & ICT.

CENTRAL

MARKET OVERVIEW

Stockholm is a mature data centre market and has a diverse economy that is driven by multiple sectors, including information technology, finance, manufacturing, and healthcare. Stockholm is also a global leader in technological readiness and ICT usage, consistently ranking in the top three by the World Economic Forum. It serves as a crucial connectivity hub for northern Europe and provides an ideal strategic location for accessing both Northern European markets and the rapidly expanding internet economies in the Baltics. The leading location for data centres in Sweden is Stockholm, but there are many emerging dispersed locations such as Lulea, Falun, Malmo, and others which are locations with substantial power availability, rather than being connected to population and urban infrastructure. The growth of the data centre market in Stockholm has been supported by the establishment of Stockholm Data Parks. Anticipated factors that will fuel the market's growth include the rising need for energy efficient data centres, significant investments by colocation and managed service providers, and the expansion of hyperscale data centre facilities. Stockholm's appealing business climate, cost-effective energy prices, and access to renewable energy sources have positioned it as a highly-attractive destination for data centres. Stockholm has established a goal to eliminate the use of fossil fuels by 2040. To accomplish this objective, the city has made substantial investments in sustainable energy sources like wind and solar power. Swedish data centre operator Conapto has successfully obtained a SEK 400 million (equivalent to US$38.6 million or EUR 35.33 million) loan for the construction of a new data centre in the southern part of Stockholm. This facility will prioritize environmental sustainability, adhering to green standards, utilizing 100% renewable energy, and integrating with the district heating system. Upon becoming operational, the new data centre will offer a power capacity of 20MW. With a long and successful telecommunications heritage, Stockholm is the primary hub for connectivity and data centres in the country. It stands out as the most fibre-connected city in the Nordic region and handles the bulk of internet traffic and connectivity within Sweden. Many businesses are adopting colocation services and cloud as they transition away from operating their own data centres, while the government is progressing with advanced services and smart city projects. Additionally, Stockholm hosts a substantial data centre presence for international and multinational organizations, catering to both Nordic and broader European requirements.

ECOSYSTEM DEVELOPMENTS • EcoDataCenter put forward plans for a campus in Östersund. An initial phase will total 20MW planned for 2026. At full buildout, the campus will reach up to 150MW. Waste heat is planned to be reutilized to assist with food production. • EcoDataCenter also recently leased part of its high-performance computing (HPC) data centre in Falun to the University of York. The HPC capabilities of the facility will be utilized to study climate dynamics, as such data centres with renewable energy commitments was a key decision point for the university. • EcoDataCenter’s owner, Areim , recently closed a $472M fund to grow the sustainably-minded operator’s platform across Nordic markets.The company currently has five facilities in operation in Stockholm, Falun and Piteå in addition to its planned campus in Östersund. • atNorth has attracted French BNP Paribas to utilize the operators’ HPC facility in Kista. Up to 85% of the waste heat from the facility is redistributed toward the local district heating system. • Evroc raised nearly $14M in seed funding to develop sovereign hyperscale data centres across Europe. With EQT and NorrskenVC as key backers, the startup aims to announce plans for two facilities over the next two years. • RETN has finished deploying a new network to connect Stockholm and Helsinki. RETN claims project will boost resilience and performance for its customers. According to RETN, the fibre network is the shortest existing route between the two cities at 450km.