大数据_大收益_日本数据中心为精明投资者提供了机会（英文版）_11页_2mb

Japan's Data Centres: Opportunity for Savvy Investors

Core Content

Data centres have become an increasingly attractive asset class for real estate investors in Japan, particularly due to relatively high yields compared to other real estate sectors. Despite this interest, the number of transactions involving data centres has remained low, mainly due to limited supply and high construction costs. The document outlines the key factors for selecting an optimal data centre location and highlights current challenges in securing land and power supply.

Main Points

1. Growing Investor Interest

• Investors' interest in data centres as an alternative real estate sector has increased from 5.6% in 2016 to 7.8% in 2017.
• Yields for data centres in the Greater Tokyo area are significantly higher than for other asset types:
  • Office: 3.55%
  • Retail: 3.50%
  • Logistics: 4.70%
  • Data centres: 5.75%
• Actual trading yields for data centres purchased by REITs since 2012 are around 5% to 6%.

2. Data Centre Shortage

• Only seven confirmed data centre deals have occurred since 2012.
• Fewer than 10 data centres are expected to start operations between 2017 and 2018, mainly due to rising construction costs and a lack of market information.
• Existing data centres are becoming fully occupied, making land acquisition a priority for operators.

3. Key Criteria for Site Selection

• Electric Power Availability: Data centres require significantly more power than office buildings (1,500VA/sq.m. to 2,000VA/sq.m. vs. 140VA/sq.m. to 150VA/sq.m.). A medium-sized data centre (10,000 sq.m.) needs 15MVA to 20MVA of power.
  • To access super-high voltage (≥60,000V), the site must be equipped with appropriate power transmission infrastructure.
• Communications Environment:
  • Proximity to Internet exchange points (IX), data centre concentrations, and densely populated areas is crucial.
  • Ideal locations are within 50km of central Tokyo or Osaka.
• Natural Disaster Risk:
  • Low risk is essential for ensuring uninterrupted operations.
  • The Ministry of Land, Infrastructure, Transport and Tourism's Hazard Map is a key reference for assessing risk.

4. Challenges in Securing Land

• Power Supply Bottleneck: It often takes 3–5 years to secure power supply for a data centre, due to the time required to purchase land for power transmission equipment and cautious investment by power companies.
• Investment Strategies:
  • Quick Power Access: Seek sites with existing power transmission infrastructure to reduce time to launch.
  • Long-Term Planning: Secure land in high-potential areas (near Tokyo or Osaka) with low disaster risk, anticipating future power availability.

5. Investment Formats

• Shell: Investor owns land and building, leases to tenant who installs and maintains equipment. Lease terms are typically 15–20 years or longer.
• Fully-Fitted: Investor installs equipment, which is then maintained by the tenant. Equipment costs are recovered via rent or usage fees.
• Colocation: Multi-tenant model where the investor provides infrastructure and manages equipment. Tenants enter into service agreements, typically lasting 5–10 years. Requires specialized knowledge and expertise.

Key Information

• Yield Comparison: Data centres offer higher yields than traditional real estate sectors in Japan.
• Power Requirements: Data centres need significantly more power than office buildings, often requiring super-high voltage (≥60,000V).
• Location Factors: Proximity to Tokyo or Osaka, low natural disaster risk, and good communications infrastructure are critical.
• Market Trends: Global data centre demand is growing at 5–10% annually, and cloud adoption is increasing, driving future demand.
• Investor Considerations: Investors must understand the different investment formats and the associated risks and benefits.

Conclusion

Data centres in Japan represent a promising investment opportunity, especially in the context of declining yields in traditional real estate sectors. However, the limited supply and long lead times for power infrastructure pose significant challenges. Investors should focus on sites with high power availability, good communications access, and low disaster risk, while also considering strategic approaches to mitigate delays in power supply. Understanding the investment formats and their implications is essential for making informed decisions in this emerging sector.