Approach
Five stages, one operator. From origination to exit, the platform is built around the disciplines that drive operating alpha in European data centres.
Stage 01
Origination
Where the platform sources its assets.
DGP's origination is built on proprietary relationships with site holders, developers, and operating partners across European data centre markets. Sourcing happens off-market wherever possible. Most live deal flow never reaches a broker process.
We focus on constrained sites where the operating capability we bring is the binding factor in execution. Where capital is the only ingredient, the deal is too crowded for our return target.
- Relationship sourcing
- Direct site-holder and developer channels.
- Off-market access
- Most live deals never enter a broker process.
- Market intelligence
- Live demand mapping across customer segments.
Stage 02
Underwriting
Power, permitting, contract certainty.
Underwriting begins with power. Grid connection windows in the principal European markets now stretch into the next decade, which means secured grid capacity has become the single most valuable input in the asset class. We do not commit equity without it.
Permitting runs in parallel. Planning consents, environmental approvals, and operating authorisations are validated, irrevocably, before close. Tenant credit is assessed against the operating plan, not against the building. Lease economics, escalators, and pass-through structures are stress-tested against downside power and inflation scenarios.
- Secured grid capacity
- Long-term rights, not connection queue positions.
- Irrevocable permitting
- Planning and environmental consents pre-close.
- Anchor tenant credit
- Investment-grade counterparties, long-dated lease.
- Lease economics
- Escalators, pass-through, downside-tested.
The underwriting is in the power. Everything else is execution.
Stage 03
Construction & delivery
Fixed-price contracting, vetted contractors, brownfield execution.
Construction is delivered on fixed-price contracts with a small set of vetted M&E and fit-out contractors. We do not run cost-plus exposure on critical infrastructure work. Contractor selection is concentrated and relationship-led. The same teams deliver across multiple assets, which removes the learning-curve premium that new contractor relationships carry.
Brownfield refurbishment runs alongside live customer occupancy. Construction protocols, change-window scheduling, and on-site engineering oversight are structured so that capacity expansion does not disturb the anchor lease.
- Fixed-price contracting
- No cost-plus exposure on critical works.
- Contractor vetting
- Small set of repeat M&E and fit-out partners.
- Brownfield execution
- Construction in live-tenant facilities.
- Engineering oversight
- Direct site engineering teams.
Stage 04
Operations
Investment-grade SLAs, PUE discipline, customer lifecycle.
Operations are run to investment-grade service levels with defined penalties and remediation, not best-effort engineering. PUE targets are managed through M&E modernisation, live-load optimisation, and continuous monitoring. Customer relationships are owned by DGP directly, not delegated to a facilities-management partner.
The customer lifecycle is where operating alpha is captured. Expansion requests, network upgrades, and renewal cycles are commercial events that compound returns on the underwritten base. The operator earns the right to that lifecycle by being the credible counterparty across every operational interaction.
- SLA framework
- Investment-grade with defined penalties and remediation.
- PUE management
- M&E modernisation, live-load optimisation.
- Direct customer relationships
- Not delegated to FM partners.
- Lifecycle capex
- Expansion, network, and renewal handled in-house.
Operating capability is where the alpha sits. Capital is the easy part.
Stage 05
Exit
Built for institutional liquidity.
Every asset is underwritten to a credible institutional exit. The buyer universe for stabilised European data centres at mid-cap scale is wider than for any other infrastructure sub-sector. Core infrastructure funds, listed REITs, sovereigns, and direct LP co-invest. We build the asset to clear that bar before we own it.
Portfolio aggregation is the second path. Multiple assets, operated to a common standard with a shared customer base, command a platform premium over the sum of single-asset values. Capital recycling at the portfolio level is part of the underwriting case from day one.
- Institutional-ready
- Asset specifications meet core-buyer requirements.
- Portfolio aggregation
- Platform premium over single-asset values.
- Capital recycling
- Built into the underwriting case from day one.
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