Brookfield Asset Administration needs to convey information facilities to London’s Canary Wharf, the monetary district typically dubbed the “U.Ok. Wall Road,” CEO Connor Teskey informed CNBC on Thursday.
Talking with CNBC’s “Squawk Field Europe” in Canary Wharf, Teskey mentioned AI infrastructure, and the underlying vitality necessities wanted to help it, at the moment are “the only largest theme at Brookfield at the moment, 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 below 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 large alternative for AI within the U.Ok. and Europe as a result of it’s that center floor between america 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 yr, and has additionally agreed devoted AI partnerships with governments in France and Sweden.
Teskey additionally shrugged off issues about an AI information heart bubble.
“If you happen to construct information facilities towards long-term contracts with the perfect counterparties on this planet, we predict there’s extra to be completed. We will convey information facilities right here to Canary Wharf. They are going in in every single place.”
He mentioned three key tendencies — hovering vitality demand, larger 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 world foundation, we’re taking a look at a productiveness step up that makes funding extremely enticing,” Teskey added
Teskey conceded that there are pockets of froth throughout the present market, including that the prevailing atmosphere requires elevated funding self-discipline.
“But it surely’s not a cause to not be enthusiastic about these large tendencies,” he mentioned.
