Last autumn, Trevian predicted that Finland was emerging as one of Europe’s most attractive destinations for data center investments – and that forecast appears to have been accurate. Microsoft, Google, and other tech giants are building major centers across the country, as the third wave of digital development turns data centers into part of critical infrastructure. Trevian has responded to this shift by expanding into infrastructure investments and launching its first data center projects as part of a new digital infrastructure ecosystem.

Where it all began – the three phases of digitalization

The development of digitalization has progressed in three distinct waves:

• Digitization (early 2000s): Businesses and public sector processes moved online. Industries like banking, retail, and media rapidly digitized.
• User-centric digitalization: Consumer behavior changed. Platform economy players such as Amazon and Zalando rose rapidly without physical stores.
• AI and Machine-to-Machine communication (the present): We have entered an era where systems are used not only by humans but also by machines. Sensors, AI models, and machine-to-machine interactions require constant, heavy computation, which calls for a new kind of digital infrastructure.

This shift directly impacts business operations and industrial structures. The need to renew the infrastructure is fundamental.

AI is driving a new digital infrastructure that requires a physical foundation

Advanced language models, IoT systems, machine learning, and automation demand massive computing power. AI does not operate in a vacuum – it requires data centers, high-speed data transfer networks, and, above all, a stable and sufficient power supply.

Data centers have become the “factories of the new industrial era.” Instead of physical goods, they now generate data and processing capabilities. And just like past industrial revolutions, this one requires large-scale physical infrastructure and long-term investments.

At the same time, a new revenue model is emerging for real estate investors. When digital infrastructure is integrated into traditional real estate assets, such as data centers, it opens the door to new, profitable investments that help shape the structure of society.

Data centers increase energy demand – the energy transition accelerates

Currently, around 2.5 gigawatts of data center capacity is under construction in Finland – equivalent to the base load of two large nuclear power reactors. The expansion of data centers significantly increases energy demand.

Meanwhile, Finland and the EU have committed to ambitious climate goals. This creates pressure to renew energy infrastructure:

• More nuclear power is needed, including more agile SMR (Small Modular Reactor) solutions.
• Wind and solar power contribute to decentralized production.
• PPA (Power Purchase Agreements) connect energy producers directly with data center operators.

Two core drivers for investors: data and energy

Data centers are more than IT infrastructure. They are reshaping both the energy and industrial sectors. Supporting this transformation requires not only computing capacity but also robust physical systems: power grids, backup generators, cooling technologies, and carbon-neutral energy sources. These form a critical part of the new infrastructure landscape.

In the big picture, artificial intelligence’s impact reaches far beyond digital solutions. It is redefining how industries operate and how societies are structured:

• Vehicles now collect data and optimize driving patterns in real time.
• Pharmaceutical companies simulate production digitally to accelerate development.
• Logistics, energy systems, and the built environment increasingly rely on machine learning.

The world is changing, and investors are building its foundation

Data centers are no longer just IT sector investments. They are part of a broader societal and industrial transformation that affects energy production, manufacturing, and service structures. This evolution offers opportunities for investors who recognize the growing importance of both digital and physical infrastructure and seek long-term, socially impactful ventures.

Trevian partners with investors in infrastructure projects where technology, energy, and societal sustainability converge. The company provides advisory services, structural solutions, and operational support for projects aimed at building resilient, future-proof infrastructure for a changing society.

For additional information, please contact:

Jukka-Pekka Joensuu
Lead Advisor
Trevian Asset Management
+358 50 473 6090
jukka-pekka.joensuu@trevian.fi

Elisa Loitto
Head of Asset Ma­na­ge­ment Sales, Part­ner
Trevian Asset Management
+358 50 390 1581
elisa.loitto@trevian.fi

Trevian Asset Management is a Finnish real estate investment and asset management company focused on office, retail, residential, logistics and data centers, owned by its key personnel. We offer full-service asset management and structured investment services throughout the whole investment lifecycle. The services are focused especially for institutional real estate investors, banks, and other professional investors. Trevian’s assets under management is 1.2B€. www.trevian.fi/en