We are expanding our portfolio and setting our sights on data centers, a forward-looking asset class. Since May 1, Holger Uhlemann has been in charge of key accounts at LIST Bau Holding—with the clear goal of strategically building up this segment. In this interview, he explains what makes data centers so special, what matters most when entering this market, and why LIST Bau is ideally positioned to take this step.
Holger, you’ve been in charge of the Data Center division at LIST Construction since May. What appeals to you about this asset class?
H. U.: Data centers are challenging in the best sense of the word. The buildings are technically extremely demanding—the interplay between construction and building services is much more closely integrated than in other asset classes. That’s exactly what makes it so appealing: You have to think interdisciplinary, coordinate processes precisely, and still remain agile. For me, this is exactly the kind of project that’s fun—complex, dynamic, and forward-looking.
LIST is deliberately breaking new ground with this initiative. What is the plan for getting started?
H. U.: Our goal is to strategically and sustainably develop this asset class. As a first step, we are focusing on acquiring a selected core-and-shell project—ideally as a partner in a joint venture or as a subcontractor. This will allow us to leverage our strengths in complex building construction projects and gain further experience. At the same time, we are assembling a team of specialists trained in the specific requirements of data centers.
What distinguishes data centers from other real estate?
H. U.: The biggest difference lies in the technology. Up to 75 percent of the construction volume is accounted for by building services—that’s a completely different balance compared to traditional building construction projects. Added to this is a very high pace on the construction site: a separate foreman may be required for each floor. This necessitates a different, even more complex organization than on “traditional” construction sites. On top of that, there are the highest standards for safety and health protection on the construction site—the absolutely safe execution of all processes is the top priority for clients. From a technical standpoint, the high technical requirements, e.g., in building automation, access control, and climate control, make every data center project an exciting challenge.
How can LIST Construction excel in this demanding environment?
H. U.: We already bring a wealth of expertise to the table that is crucial in this segment: Our experience in BIM modeling and LEAN management helps us efficiently manage complex processes. Our existing network of subcontractors also benefits us, as we can rely on strong, local partners nationwide. Added to this is our high level of engineering expertise and, not least, LIST Eco’s know-how in sustainability—a topic that is also highly relevant for data centers. And: Many potential clients have an international presence. Here, we benefit from existing relationships in other asset classes and our experience in working with globally active partners.
What are the next concrete steps?
H. U.: In the coming months, we will continue to build out the team, deepen our network—for example, through our partnership with the German Data Center Association—and focus specifically on building expertise. I am very much looking forward to shaping this path together with LIST Construction. For me, it’s clear: Data centers are not only an exciting new asset class—they also align perfectly with our commitment to future- and solution-oriented, innovative, and technically excellent construction. Learn more about the data center asset class
