22 October 2026

Not all data centres are created equal

Beyond the political noise: electricity, location and interconnection

Data centres are at the centre of the AI investment story and one of the market's favourite themes. But are investors focusing on the right things?

The debate is dominated by electricity consumption, land use and politics. In our latest Market Musings, we argue that investors may benefit from looking elsewhere. When investing in data centres, the real value may not lie in megawatt capacity, but in electricity access, location, interconnection and the economics of who ultimately pays for the infrastructure required to support growing demand.
Not all data centres are created equal. Investors should not value them as if they were.

Front page article "Not all data centres are created equal

Read the article (PDF)Explore our listed infrastructure strategy

Disclaimer

Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets.

This document is for information purposes only and provides insufficient information for an investment decision. This document does not contain investment advice, no investment recommendation, no research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such.

The opinions expressed in this document are our opinions and views as of such date only. These may be subject to change at any given time, without prior notice.

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.