The German owner is looking around the city to convert offices into data centers

Written by Marilyn Kisper

The group said on Wednesday after it announced that it had multiplied three times its profit in the first quarter that (Reuters)-the group said on Wednesday after it announced that it had exceeded three times in the first profit.

All over the city faces higher vacant rates in its desktop spaces, which is the largest segment of its wallet, because the Covid-19 pandemic has led to a remote work.

Some of the least -order rental offices have already been transferred to served apartments, most of which are expected to enter in 2026.

Timothy Wright, head of investor relations around the city, said that the company, which is based in Luxembourg, in the early stages to obtain organizational approvals for the data center transfers and hopes to cooperate with more specialized companies.

He said that potential tenants could be active companies in companies ranging from cloud computing to independent leadership.

“Within five years, let’s hope that we have some data centers in our wallet,” Wright said in an interview. “It is a different assets category for us … We need to build information technology knowledge for preparation.”

He said that the main challenges of the data center transfers in Germany include municipal organizational permits and to obtain confirmation from energy providers that the required energy needs can be met.

“It takes a few years so that we can reach, let’s say, crystallize the gains,” Wright said.

So far, the city has received a single organizational permit to convert a office space into a data center in Frankfurt, although it has not yet received its use to use electricity.

Wright said that when obtaining the required approvals, the city can sell either real estate to obtain fast money or make the same transfers.

He added that the data center tenants usually have their own requirements, so the city aims to ensure that they already rent them to property before building start to transfer it.

“You can build a data center and go to Amazon, and they are like,” yes, in fact, this is not what we really need, “he said.

(Participated in the reports of Marilyn Cispeier in Gdansk; Editorial by Joe Pavier)