Moderated by Josh Forman, shareholder at Greenberg Traurig, the panel brought together prominent industry leaders: Tim Holt, executive board member of Siemens Energy; Richard Bienfait, CFO, STACK EMEA; Tag Greason, co-CEO, QTS Data Centers; and Natalia Akst, managing director, Macquarie Asset Management.
The panel shared a clear consensus: data centres are more than a smart investment – they are the essential backbone of our digital age, and the global race to build and scale them is accelerating.
“Data centres are mission-critical to the functioning of modern life,” said Akst.
“They require enormous capital outlay, long-term planning, and deep operational expertise. Not everyone can do this well.”
For investors, that exclusivity is part of the appeal. “We like data centres because they are hard to commoditise,” Akst added. “Customer relationships are sticky, and there’s limited price-based competition. It’s a rare combination in today’s infrastructure world.”
“Billions are being poured into this sector. Banks and financial institutions are not just backing data centres – they’re getting creative with how to do it,” said STACK’s Bienfait. “We’re seeing models in Europe that are only just being tested, and there’s huge interest in replicating success stories like Vantage.”
Greason provided a boots-on-the-ground view: “People think it’s straightforward – secure land, power, labour, and build. It’s not complicated – but it’s really hard.”
In Europe especially, developers face a maze of local regulations, permitting hurdles, and inconsistent infrastructure support. “We look for scale, capacity, speed, and safety,” said Greason. “That formula is universal, but execution is highly regional.”
Meanwhile, Holt emphasised the importance of partnerships for growth. “Data centres require energy security, affordability, and sustainability all at once. Traditional infrastructure approaches no longer cut it. We need collaborative partnerships if we want to move at speed.”
One major challenge, Holt noted, is the need to overbuild for peak demand – even if that peak only occurs for a few minutes each year. “We’re forced to prepare for worst-case load conditions, even though average usage is 30% below that. If hyperscalers can help reduce peak demand, we can rethink infrastructure sizing altogether.”
One word came up repeatedly throughout the panel: partnerships. From joint ventures with local developers and utilities to equity co-investments with private capital, collaboration has become critical.
“These aren’t one-man shows anymore,” said Akst. “You need operational depth, political fluency, and financial heft to execute. Without partners, equity strategies stall.”
Greason illustrated the scale of deployment with a compelling analogy: “The difference between $1 million and $1 billion isn’t just a few zeros. One million seconds is about 11.5 days. A billion seconds is 37 years. That’s the kind of scale we’re deploying now.”
Bienfait also pointed to M&A as a strategic growth lever: “For us, it’s helped consolidate our focus on hyperscale clients. We used to serve hundreds – now our top priorities involve just six clients. That kind of focus only works when you’ve got strong institutional backing and clear operational alignment.”
On the question of exit strategies, the panel offered a reality check. “Yes, IPOs are possible,” said Akst. “But they’re rarely the first choice. They take months – sometimes years – to execute, and they’re incredibly sensitive to geopolitical and market fluctuations.”
Greason added that public investors don’t always have the patience for long-term infrastructure returns. “They want results every 90 days. If I tell them we’re buying land and won’t see revenue for three years, they’re not interested. Private capital gives us the flexibility and timeline we need to grow properly.”
Instead, most exits currently involve sales to larger private equity players with the balance sheet to support massive capital outlays – or the consolidation of smaller providers into more efficient, scalable entities.
Looking ahead, the panel acknowledged the current AI-driven surge in demand but urged caution in over-optimising for today’s perceived needs.
“In the short term, AI is driving enormous growth,” said Akst. “But in the long term, the picture gets more complex. Will today’s data centres still be fit for purpose in five years?”
Holt commented: “We’re not building for AI. We’re building data centres. What runs inside them may change – AI, quantum, who knows – but the infrastructure must be flexible enough to adapt.”
The data centre boom is not just about bandwidth and racks – it’s about strategic, long-term investment in the infrastructure of the future. As the panel made clear, success in this space requires more than capital. It demands foresight, collaboration, and a relentless focus on execution.
“Infrastructure is always hard,” said Greason. “But it’s never been more important – and with billions in capital waiting at the gates, it’s never been more urgent.”
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