French tycoon to cash in on Labour's data centre blitz
A French tycoon is plotting to cash in on the Labour-backed boom in data centres after snapping up planning rights for a landmark development in Cambridgeshire.
Max-Hervé George, who runs Swiss-based investment fund SWI Group, has bought a site earmarked for development near Sutton-in-the-Isle with the intention of constructing one of the UK's biggest data centres.
Mr George's fund said the new site, which won planning permission three years ago under a different developer, would target a capacity of 330 megawatts (MW) – making it one of the most significant projects in Britain.
Mr George's move highlights a new gold rush for data centres after they were classed as critical national infrastructure last September, with Sir Keir Starmer creating 'AI growth zones' so that they can be built more quickly.
The Cambridgeshire site aims to cater to a cluster of global technology businesses located in Britain's so-called 'golden triangle' between Cambridge, Oxford and London.
It is among a slew of projects lined up across Britain that underpin the Prime Minister's strategy for economic growth.
Under the plan, SWI Group has acquired the existing rights and planning permission from another business to develop the land. It plans to invest around £3bn to bring the site to life although the money is yet to be raised.
Mr George, 35, said that his business has been 'unstinting and steadfast' in its efforts to create 'Europe's most valuable data centre groups'.
He added: 'When we first got involved with data centres six years ago, we could see the demand for computing was going to grow dramatically, but the explosion in the growth of AI has taken even us by surprise.'
The Sutton project will be the group's fifth data centre to operate under its AiOnX brand, adding to its sites in Ireland, Denmark, Spain and Italy.
SWI is looking to invest more than €20bn (£14.6bn) into the centres, to provide a total capacity of 2 gigawatts.
Mr George set up SWI Group earlier this year by merging his Icona Capital business with Switzerland's Stoneweg, a fund manager.
He told The Telegraph in March that at least half of the fund's €10bn pot could be ultimately invested in British assets, in what could be a major boost for Sir Keir's push to attract overseas capital and bolster economic growth.
Mr George said at the time that he was 'intensively looking to invest in data centres', as well as warehousing and logistics properties.
Beyond SWI Group, Mr George made his millions through 'golden ticket' life insurance contracts sold by Aviva France.
Under those contracts, which he first received at the age of seven from his father, customers were able to trade funds based on the previous week's prices.
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