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.

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.

Kom verder, het zijn maar twee woorden, met veel verschillende betekenissen. Het is onze bedrijfsfilosofie. Het weerspiegelt de manier waarop we met onze klanten samenwerken en de manier waarop we in gesprek gaan met de bedrijven waarin we investeren om zo aandeelhouderswaarde te creëren door middel van actieve engagements.

Beleggen brengt risico's met zich mee, u kunt uw inleg verliezen. De waarde van uw beleggingen is mede afhankelijk van de ontwikkelingen op de financiële markten. In het verleden behaalde resultaten bieden geen garantie voor de toekomst.