German landlord Aroundtown looks to convert offices into data centres
(Reuters) -Aroundtown, one of the largest German-listed landlords, is planning to convert office spaces into data centres as demand for them grows in Europe, the group said on Wednesday after announcing it had tripled its first-quarter profit. Aroundtown has been facing higher vacancy rates in its office spaces, the biggest segment of its portfolio, since the COVID-19 pandemic led to a shift to remote work. Timothy Wright, Aroundtown's Head of Investor Relations, said the Luxembourg-based company was in the early stages of obtaining regulatory approvals for data centre conversions and it hoped to team up with more specialised companies.
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