Brookfield Asset Administration desires to convey knowledge facilities to London’s Canary Wharf, the monetary district usually dubbed the “U.Ok. Wall Avenue,” CEO Connor Teskey advised CNBC on Thursday.
Talking with CNBC’s “Squawk Field Europe” in Canary Wharf, Teskey mentioned AI infrastructure, and the underlying vitality necessities wanted to assist it, at the moment are “the one largest theme at Brookfield right now, bar none.”
The agency, which invests throughout actual property, infrastructure, renewables and personal markets, has a multi-gigawatt portfolio of information facilities globally, with a rising pipeline of websites each beneath development and in growth.
It additionally co-owns and manages Canary Wharf, alongside the Qatar Funding Authority, through the Canary Wharf Group property firm.
“We predict there’s a enormous alternative for AI within the U.Ok. and Europe as a result of it’s that center floor between the USA and China. The U.Ok. doesn’t have a home-grown hyperscaler, so the creation of AI infrastructure and the driving of productiveness from AI goes to have completely different dynamics right here — it is most likely going to be pushed extra by governments than by the hyperscalers.”
Brookfield launched a devoted AI infrastructure fund anchored by Nvidia in November final 12 months, and has additionally agreed devoted AI partnerships with governments in France and Sweden.
Teskey additionally shrugged off issues about an AI knowledge heart bubble.
“When you construct knowledge facilities in opposition to long-term contracts with the most effective counterparties on the planet, we expect there’s extra to be carried out. We’ll convey knowledge facilities right here to Canary Wharf. They are going in in every single place.”
He mentioned three key tendencies — hovering vitality demand, higher digitalization, and the rewiring of world provide chains — now dominate the funding panorama and are creating an “immense want” for capital.
“[With] that mixture of elevated vitality [and] the productiveness advantages of AI on a worldwide foundation, we’re a productiveness step up that makes funding extremely engaging,” Teskey added
Teskey conceded that there are pockets of froth inside the present market, including that the prevailing setting requires elevated funding self-discipline.
“But it surely’s not a purpose to not be enthusiastic about these massive tendencies,” he mentioned.
