Brookfield eyes AI data centers in London’s answer to Wall Street
Brookfield Asset Management wants to bring data centers to London’s Canary Wharf financial district, often referred to as “Wall Street England,” CEO Connor Teskey told CNBC on Thursday.
Speaking to CNBC’s “Squawk Box Europe” in Canary Wharf, Teskey said AI infrastructure and the basic energy requirements needed to support it are now “Brookfield’s biggest issue, bar none.”
Investing in real estate, infrastructure, renewable energy and private markets, the firm has a multi-gigawatt portfolio of data centers worldwide, with a growing pipeline of facilities both under construction and under development.
It also co-owns and manages Canary Wharf with the Qatar Investment Authority through real estate company Canary Wharf Group.
“We think there’s a big opportunity for AI in the UK and Europe because it’s the middle ground between the United States and China. There’s no homegrown hyperscaler in the UK, so building AI infrastructure and driving productivity from AI will have different dynamics there; it’s likely to be driven more by governments than hyperscalers.”
Brookfield launched a dedicated AI infrastructure fund backed by Nvidia in November last year and has also agreed private AI partnerships with governments in France and Sweden.
Teskey also shrugged off concerns about the AI data center bubble.
“We think there’s more to be done if you build data centers in exchange for long-term contracts with the best counterparties in the world. We’ll bring data centers here to Canary Wharf. They’ll go everywhere.”
He said three key trends – rising energy demand, greater digitalization and the reorganization of global supply chains – now dominate the investment landscape, creating a “tremendous need” for capital.
“[With] combination of increased energy [and] “As we leverage the productivity benefits of AI on a global basis, we are looking at a productivity boost that will make investment incredibly attractive,” Teskey added.
Teskey acknowledged that there is some froth in the current market, adding that the current environment requires increased investment discipline.
“But that’s no reason not to get excited about big trends,” he said.
