In today's rapidly evolving digital landscape, data centers have become the backbone of our connected world.

But with the development costs going up into the billions of dollars and complexity of moving these sites forwards really rising, it's no longer a question of simply what you know, it's now also who you know.

The importance of partnering when entering the space has really been growing.

And from our perspective, it comes down to three critical reasons.

Firstly, access to tenants.

This is paramount because, without this, you're not going to ultimately have a data center site.

But these groups have started to really concentrate in on the number of partners that they are willing to work with.

And this comes down to numerous reasons, including operational complexity and, ultimately, trust that they have in these groups.

So partnering with operators who have those deep relationships is incredibly important.

Secondly, across Europe, across the U.S., and across the globe, there are increased challenges in procuring power and procuring land in order to be able to move these projects forwards.

So working with groups who have that knowledge in depth in certain markets, to be able to execute where others cannot can really give you that edge and enable you to execute in a much better manner.

Thirdly, access to deals.

With vacancy rates really dropping in certain key markets globally, for example Northern Virginia in the U.S.

and Frankfurt here in Europe, we're seeing that requirement to partner with groups who have pipeline, who have assets that you can execute on alongside them is the best way to access at this point in the cycle.

When assessing who we want to be working with in a partner, we typically look for three key competencies.

Firstly, is relationships and track record of working with the hyperscalers.

Secondly is strong understanding of the utility networks.

And thirdly is deep market presence, really having that knowledge and connectivity to be able to move these sites forwards.

Whilst some projects can work with only two of these three elements, we typically see three are required.

We've been investing in the sector for nearly two decades since 2007.

This has given us a really varied viewpoint over different strategies in the sector.

It's grown a really deep knowledge in the sector, and it has given us a global perspective since we've been investing from both the U.S. and from Europe.

This really sets us apart in delivering value for our investors.

In an industry where success depends upon precise timing, securing power, and strategic locations, partnerships aren't just a nice-to-have, they're absolutely essential.

We have the experience to be able to navigate our investors through those partnerships, securing the best opportunities.