Alternative investment manager Barings has secured an extended lease at its data center in Kista, Stockholm, with a “global data center operator.”

The data center in question is Barings’ Vanda 3 property, of which Digital Realty is a known customer.

The lease extension will run for 10 years, and has also seen 30MW of additional power secured for the site to expand data center operations.

Vanda 3 is a mixed-use asset, offering data center, logistics, storage, and industrial uses. The facility has a floorspace of 65,000 sqm (699,655 sq ft), with the unnamed customer occupying 15,000 sqm (161,460 sq ft).

The power upgrade is being provided by Ellevio, with works already underway to connect the asset to the grid. This will enable additional buildings to be converted to data center use, and Barings is also aiming to expand the site by 25,000 sqm (269,100 sq ft) in 2027.

Olli Forsman, director of transactions and asset management in the Nordics at Barings, said: “The lease extension with the global data center operator is a strong endorsement of Vanda 3’s quality and long-term relevance as a data center location.

“Alongside this, securing additional power capacity is a pivotal milestone that significantly enhances the asset’s ability to support further expansion. In a market where access to power remains a key constraint, this puts us in a strong position to support both existing and new operators looking to scale in Stockholm.”

Kristina Johnson, senior director, Nordics asset management, at Barings added: “The combination of secured power, existing infrastructure and development flexibility creates a compelling proposition for data center operators and positions the asset well to capture future demand. The Nordics is one of our preferred markets across a range of asset classes and capital profiles, and we will continue to explore all opportunities where we can create value on behalf of our partners.”

Digital Realty houses its STO6 data center at Vanda 3. According to the firm’s website, the data center spans 8,300 sqm (89,340 sq ft) and runs on free cooling for more than half of the year, as well as “remote seawater cooling.”

Digital Realty has five other data centers in Stockholm located at its campus on Esbogaten 11 next door to the Vanda 3 site.

Barings acquired the site in 2022, purchasing it from Pictet Alternative Advisors and Brunswick Real Estate. Pictet and Brunswick acquired the site in 2020 for an undisclosed amount.