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.

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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.

Il y a un dicton en néerlandais, Kom verder, qui ui signifie beaucoup de choses, et c'est notre philosophie d'entreprise. Il reflète la façon dont nous travaillons avec nos clients, mais aussi la manière dont nous dirigeons nos entreprises participantes pour créer de la valeur pour les actionnaires grâce à un engagement actif.

Risque de perte en capital. La valeur des investissements et des revenus qui en découlent peut évoluer à la hausse comme à la baisse. Les investisseurs sont susceptibles de ne pas récupérer l’intégralité de leur investissement initial. Les performances passées ne présagent pas des performances futures et ne sont pas constantes dans le temps.