The fund targets selected European markets, primarily Tier 2 and Tier 3 cities, where demand for digital infrastructure is accelerating due to the growth of cloud computing, artificial intelligence, and the broader drive for digital sovereignty.
EDCO’s core target markets include Athens, Madrid, Milan, Berlin, Zurich, Warsaw, and key cities across the Nordic countries. Athens stands out as a strategic hub, combining a favorable geostrategic location with increasing demand for local data storage and processing, and significant potential to serve as a regional data center hub for Southeastern Europe.
A portion of EDCO’s capital has already been allocated to secure a portfolio of sites with a total deployable capacity of approximately 620 MW, including investments in Athens, Madrid, and Milan. PIMCO is simultaneously evaluating a broader investment pipeline totaling nearly 2.7 GW. The fund’s strategy focuses on large-scale developments capable of meeting the growing requirements of hyperscale tenants, particularly in markets constrained by limited space and energy infrastructure. PIMCO targets an internal rate of return (IRR) of approximately 20% and a 2x equity multiple.
In Greece, PIMCO’s interest is reflected in a €300 million investment to develop a major data center in the Spata–Artemida area of Eastern Attica. Named “Project Olive,” the project was announced in October of last year and is currently in the permitting stage, with its Environmental Impact Study (EIS) under public consultation since August.
The data center will span a total area of 62,710 m² across two sections and will deliver approximately 80 MW of electrical capacity, supported by a 150 kV substation. These specifications demonstrate a high-capacity infrastructure designed to accommodate large enterprises, hyperscalers, and cloud and AI applications.
The project is being developed by GRECO MI Monoprosopi S.A. and forms part of the wider investment program of Apto, a company founded by PIMCO for the development and operation of data centers internationally. Apto’s collaboration with Dromeus Capital, a leading investor in Greek real estate, marks their first joint investment in Greece and aims to set a benchmark for the country’s digital transformation.
Project Olive will be located within the industrial zone of Spata, just 15 minutes from Athens International Airport, offering strategic advantages for international business operations. The site already benefits from preliminary construction approvals, access to high-voltage infrastructure, and will be developed in accordance with Apto’s sustainability principles, further reinforcing Athens’ position on the European digital infrastructure map.
