Summary
- DBAG has completed the sale of its Green Datahub portfolio, comprising the Alsterdorf and Rahlstedt facilities.
- The buyer is a fund advised by Westend Real Assets, while akquinet continues leasing and operating both sites.
- DBAG reports PUE values below 1.25 and identifies further capacity expansion potential, although the transaction price remains confidential.
Deutsche Beteiligungs AG has completed the sale of two operating Hamburg data centres to a fund advised by Westend Real Assets, transferring ownership of the properties while retaining their existing operator.
Deutsche Beteiligungs AG (DBAG) confirmed on 9 November that the Alsterdorf and Rahlstedt facilities had been sold through its portfolio company Green Datahub. The buyer is an open-ended special alternative investment fund advised by Westend Real Assets, and the financial terms have not been disclosed.
Both facilities will continue to be leased and operated by akquinet, an IT services company owned by a separate DBAG-advised fund. The transaction therefore changes the ownership of the real estate without transferring responsibility for the day-to-day operation of the data centres.
Green Datahub owned and leased the two colocation properties, which were developed to accommodate customers with demanding requirements for security, availability, and technical infrastructure.
DBAG acquired a majority stake in Green Datahub in June 2022 under its Long-Term Investments strategy. At that time, the company owned the Alsterdorf facility, while a second development at Rahlstedt remained to be completed.
During DBAG’s ownership, Green Datahub delivered the Rahlstedt data centre through a construction programme valued at more than €60 million. DBAG supported the development through project financing, contract structuring, and construction oversight.
The investor reports that the project was completed on schedule and within its agreed budget. The addition of the second operating property expanded Green Datahub’s portfolio before the completed sale.
Westend Real Assets is a subsidiary of Westend Bank, which is owned by the Hopp family. Its investment approach includes long-term ownership of real assets, making the established Hamburg facilities suitable for an investment structure centred on continued leasing and operation.
The fund has identified opportunities for additional capacity at the properties, although DBAG has not disclosed a new construction programme, committed electrical capacity, or timetable for expansion.
Operational continuity under new ownership
The retention of akquinet separates the change in ownership from the provision of data centre services. The operator will continue managing the facilities and leasing space to customers under the existing long-term arrangements.
For customers, this structure allows the established operating relationship to continue while the underlying property assets move into a different investment portfolio.
Long-term infrastructure investors often assess operating data centres according to the security of their income, the condition of technical equipment, the reliability of existing tenants, and the availability of additional development capacity. These considerations differ from those associated with speculative sites that still require planning approval, electricity connections, and construction finance.
Existing facilities are not free of investment requirements. Electrical distribution equipment, cooling systems, security infrastructure, and building services still need maintenance, replacement, and periodic upgrading as customer requirements change.
DBAG reports that the Hamburg properties have power usage effectiveness values below 1.25. PUE measures total facility electricity consumption relative to IT equipment consumption, providing one indicator of the efficiency of supporting infrastructure.
A PUE below 1.25 suggests relatively limited additional electricity demand for cooling, power distribution, and other facility services compared with the IT load. It does not independently establish the properties’ absolute emissions or the environmental effects of their electricity supply.
The seller attributes the reported performance to the refrigeration and electrical installations, coordination between cooling equipment and server-room requirements, and continuing improvements to technical plant.
DBAG also identifies TÜV NORD Level 3 extended and Level 4 security and availability standards among the properties’ characteristics. These are the classifications cited by the seller and should not be confused with an independently confirmed Uptime Institute Tier certification.
Electricity supplied to the facilities is certified as originating from renewable sources. Such procurement arrangements should be distinguished from the actual generation mix serving the local network at any particular time.
The buyer’s longer-term investment horizon may support additional capital expenditure at the sites, including capacity expansion where sufficient electrical, cooling, and physical infrastructure is available.
DBAG retains indirect exposure to the operating activities through its relationship with akquinet, while its Green Datahub property investment has been realised. The company describes the transaction as its fifth exit during the 2026 financial year and the second disposal under the Long-Term Investments strategy.
With the acquisition price undisclosed, the deal provides evidence of continued investor activity in operational German data centre assets without establishing a transaction valuation that can be compared reliably with other European facilities.
