Interview with Dominik Leszczyński, Founder & CEO of DL Invest Group

Why is DL Invest Group entering the data centre segment now, what is the motivation behind the joint venture with Boosteroid, and how does this step fit into the Group’s long-term strategy?

DL Invest Group’s entry into the data centre sector is not a strategic shift nor an opportunistic reaction to a temporary market trend. It is a natural continuation of more than two decades of consistently building expertise in commercial real estate and infrastructure, particularly in long-term, capital-intensive projects that are fundamentally anchored in the real economy.

From the outset, we developed the Group under a build-to-own model, focusing on assets that not only generate stable cash flow but also serve as infrastructure for industry, trade and services. Today, digital infrastructure — including data centres, AI computing, cloud and high-performance computing (HPC) — is becoming one of the core pillars of modern economies, comparable to logistics, energy or transport infrastructure.

Digital transformation, the rapid expansion of artificial intelligence and increasing emphasis on data sovereignty are creating structurally driven, long-term demand for scalable, modern data centres across Europe. In this context, our move into this segment is a logical evolution of DL Invest Group as a pan-European infrastructure investor.

The joint venture with Boosteroid has been structured as a long-term strategic partnership. Over nearly two decades, DL Invest Group has built a fully integrated internal platform of more than 260 specialists covering every stage of the investment lifecycle. We currently manage a diversified real estate portfolio exceeding EUR 1.2 billion in value, including logistics and industrial infrastructure that provides a strong operational foundation for digital infrastructure development.

DL Invest contributes development expertise, financing capacity and execution capabilities for complex infrastructure projects. Boosteroid brings advanced technology, operational know-how and direct access to global cloud, AI and HPC clients. Together, we are not merely constructing a real estate asset — we are building a comprehensive digital infrastructure platform capable of supporting hyperscale and high-density technological applications.

The DL Invest Park Bielsko – AI & Cloud project is the first flagship example of this strategy. From inception, it was conceived as next-generation infrastructure rather than an adaptation of a traditional colocation model. It also signals that a private Polish investor can deliver hyperscale-class infrastructure projects competitive with those developed by global funds and international corporations.

Importantly, this expansion into digital infrastructure complements our broader strategy of active asset management and long-term value creation — the same philosophy that underpins our position as the largest shareholder of the London-listed platform abrdn European Logistics Income plc (ASLI), where we advocate operational enhancement over short-term asset liquidation.

Could you describe the recent financing milestones of DL Invest Group, including the eurobond issuance, and how they impact the Group’s ability to execute large-scale projects such as data centres?

The EUR 350 million eurobond issuance marked a transformational milestone for DL Invest Group. It was our first public international bond offering and a clear signal that the Group has reached the organisational, financial and strategic maturity required to compete for capital alongside leading European real estate and infrastructure issuers.

The issuance attracted strong institutional investor demand, significantly exceeding the offering size. This confirms market confidence in our business model, balance sheet structure and long-term strategy based on income-generating assets. Credit ratings from Fitch and S&P and the diversified financing structure have strengthened our capital base and reduced reliance on local funding sources.

The proceeds are being deployed across both our logistics and industrial portfolio and new infrastructure segments, including data centres. Crucially, the eurobond financing enables us to undertake large-scale, capital-intensive projects without compromising ownership control or shortening our investment horizon — a key consideration in digital infrastructure, where projects require long-term capital discipline and operational commitment.

Please describe the first data centre project — its location, scale and technical ambitions.

The first project is being developed in Bielsko-Biała, within the DL Invest Park Bielsko technology park, located on over 50 hectares of centrally situated post-industrial land with significant historical and economic importance.

The site combines access to substantial energy infrastructure — including a dedicated grid connection and local distribution network capabilities — with strong industrial heritage and regional transformation potential. From the outset, the project was conceived as a modern technology park rather than a standalone data centre building.

Phase one provides for a minimum of 50 MW of IT load capacity, with full scalability to approximately 200 MW. From both an energy and architectural perspective, this firmly positions the project within the hyperscale category. The data centre is being designed to support high-density AI and HPC workloads, incorporating liquid cooling systems and next-generation CPU and GPU architectures in line with global efficiency and scalability standards.

Concept and design works are scheduled for completion in 2026, with construction of phase one to follow. The modular structure allows investment pace to be synchronised with market demand and power availability. For DL Invest Group, this represents a strategic entry into digital infrastructure that is expected to become one of the core pillars of the Group’s portfolio over the long term.

What does the business model look like?

The core structure remains consistent with our existing logistics and industrial model. We retain ownership under a long-term build-to-own approach.

The new element is the operational and technological layer. Boosteroid is responsible for cloud services, IT infrastructure orchestration, platform management and client relationships for advanced digital services. Revenue streams therefore extend beyond traditional lease income to include subscription models, usage-based pricing and long-term compute capacity contracts.

For DL Invest Group, this diversifies revenue streams and enhances portfolio resilience across cycles. Digital infrastructure, like energy or logistics, represents critical economic infrastructure increasingly based on long-term client relationships — fully aligned with our long-term value creation strategy.

How does DL Invest Group approach energy, sustainability and ESG in data centre projects?

Energy and ESG considerations are fundamental. From the outset, they have been integrated into the design of DL Invest Park Bielsko – AI & Cloud.

DL Invest Group has been developing competencies in renewable energy, energy storage and integrated energy infrastructure for years, which directly supports this project. The design includes scalable grid capacity, potential integration of energy storage solutions and phased efficiency improvements as capacity expands.

Equally important is the social and environmental dimension. The project is being developed on revitalised post-industrial land, contributing to regeneration rather than greenfield expansion. We maintain ongoing dialogue with public authorities and local communities, treating the project as part of long-term regional development rather than a one-off capital deployment.

What are the main risks associated with data centre development, and why is DL Invest Group prepared to manage them?

The data centre sector is capital-intensive and operationally demanding. Key risks include power availability, administrative processes, technological evolution and competition from global players. However, these risks are manageable with adequate scale, capital strength and integrated expertise.

DL Invest Group benefits from a strong balance sheet, proven access to international capital markets and experience in delivering complex infrastructure projects. We operate with a long-term ownership mindset, not under a speculative or short-term exit model. We build assets intended to operate for decades.

At the same time, we continue to expand our core logistics, industrial and mixed-use portfolio, which generates stable recurring cash flows and provides a robust foundation for further infrastructure diversification.

Our entry into digital infrastructure does not replace these segments — it complements and strengthens them, positioning DL Invest Group as one of the most diversified private infrastructure platforms in the region.