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Investment Forum | New York // Panel: Stabilized but not stable? Navigating risks in data center assets

  • —
  • Investment & Markets
  • Open Session

Speakers

Angelo Lacroix

Angelo Lacroix

Senior Investment Director, CVC DIF

Veronica Huang

Vice President - Senior Analyst, Structured Finance Group, Moody's Ratings

Veronica

Veronica Huang

Vice President - Senior Analyst, Structured Finance Group, Moody's Ratings

Veronica Huang is a Vice President – Senior Analyst at Moody’s Ratings, where she has been a key member of the CMBS New Ratings team since 2017. She leads the ratings analysis of conduit/fusion and large loan CMBS transactions, specializing in deals backed by complex and esoteric assets, including data centers. Veronica also leads Moody’s CMBS data center team and plays a pivotal role in developing the firm’s approach to data center CMBS and ABS ratings.

Previously, Veronica was a lead analyst on Moody’s RMBS Surveillance team, monitoring a portfolio of complex legacy RMBS transactions. She holds a Master of Science in Finance from the University of Rochester’s Simon Business School and graduated summa cum laude with a Bachelor of Science degree in Finance and Accounting from Drake University. Veronica is also a CFA charterholder.

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Richard Choe

Richard Choe

Executive Director, Equity Research, J.P. Morgan

Scott McBride

Scott McBride

Founding Partner, Northampton Capital Partners

Gordon Dolven

Director of Americas Data Center Research, CBRE

Gordon

Gordon Dolven

Director of Americas Data Center Research, CBRE

Gordon Dolven leads the development of the CBRE’s data center research and thought leadership in the Americas and support its data center professionals in business development efforts. He also collaborates with data center research colleagues in Europe, Latin America and Asia-Pacific on global initiatives.

An expert on digital infrastructure, Gordon is particularly interested in how the fundamental shifts toward sustainability are reshaping the ecosystem of how connectivity works. As a public speaker, he provides critical context for both massive and subtle shifts in the commercial real estate market, and his analysis has appeared in the Wall Street Journal, New York Times, Washington Post, World Property Journal and more.

Mr. Dolven joined CBRE from IX Acquisition Corp., where he analyzed and evaluated a large volume of private digital infrastructure companies. He previously held investment roles at Bank of America Merrill Lynch and Janus Capital Group.

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Stabilized data centers have long been seen as safe, income-generating assets in the investment landscape. But as market conditions evolve, long-term leases approach renewal and aging facilities face rising CapEx demands for modernization are these assets still a guaranteed safe bet?

This session will explore how investors are adapting to shifting market conditions, the impact of lease renewals and retrofits on valuations, and the long-term exit strategies investors are considering. Are stabilized assets still as liquid as before, or are buyers becoming more selective? How are investors balancing capital deployment between maintaining existing assets and pursuing new developments? And as demand for AI and high-density workloads grows, how much investment is required to keep stabilized data centers competitive?

Attendees will gain insights into:

  • Lease expiration risks: How can investors assess and manage risks related to lease expirations, tenant retention, and re-leasing in a changing market?
  • Liquidity and exit strategies: Are stabilized data centers still as liquid as before, and what long-term strategies are investors considering?
  • CapEx and modernization: How are investors balancing the cost of retrofits and upgrades with long-term asset value and evolving tenant demands?