Dubai’s Damac Group is exploring data centre and technology-related investment opportunities worth €1 billion ($991m) in Germany to boost its portfolio.
The company is currently “on a fact-finding mission in Germany to research the market and possibly identify mutually beneficial partners” for investment, it said on Tuesday.
Damac Group, the parent company of Damac Properties, entered the data centre business last year, with the launch of Edgnex, a global digital infrastructure provider that identifies and invests in the next digital hubs.
The company said it would accept certain cryptocurrencies for property transactions as part of efforts to offer more flexibility to investors and set up D-Labs to build digital cities in the metaverse.
The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds.
It is part of Web3, which is being touted as the next iteration of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
“It's a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors such as data centres,” said Hussain Sajwani, chairman of the Damac Group. “I see a lot of opportunity and potential, especially in eastern Germany that I would like to explore and learn more.”
Apart from property, Damac Group has a diverse portfolio including capital markets, data centres, hospitality, fashion and retail.
The company this year acquired top Swiss jeweller de Grisogono for an undisclosed amount. It also bought Italian fashion powerhouse Roberto Cavalli in 2019.
“We are keen on diversifying our portfolio, especially when it comes to futuristic endeavours, so that we stay ahead of the curve,” Mr Sajwani said.
Damac is also investing in expanding its presence internationally. It entered a joint venture in Denmark to build single-family residential developments in Scandinavian countries.
The company’s other international projects include the 50-storey Damac Towers Nine Elms, a flagship project in central London with Versace interiors.
Damac is also developing a new project in Toronto in a partnership with Canadian developer Marlin Spring and has recently acquired sea-facing land in the upmarket neighbourhood of Surfside in Miami, Florida to build a Cavalli-branded tower.
It has collaborated with a number of brands in its property development including Paramount, Radisson, Rotana, the Trump Organisation, Fendi Casa and Versace Home.