Fuyo General Lease : First Investment in a Development Portfolio Targeting US Data Centers

March 3, 2025

Ｎｅｗｓ Ｒｅｌｅａｓｅ

Fuyo General Lease Co., Ltd.

(Securities Code: 8424 TSE Prime)

President & CEO, Hiroaki Oda

First Investment in a Development Portfolio Targeting US Data Centers

Fuyo General Lease (USA) Inc., the US subsidiary of Fuyo General Lease Co., Ltd. (Chiyoda- ku, Tokyo; President: Hiroaki Oda; hereinafter "Fuyo Lease"), is pleased to announce its investment in a US data center development portfolio (hereinafter "the Project") provided by Principal Real Estate Investors, LLC, the real estate investment arm of Principal Financial Group, Inc. (Iowa, USA; hereinafter "Principal"). This marks the Fuyo Lease Group's first investment in US data centers.

In recent years, the rapid increase in data volume due to the spread of cloud services and digital transformation (DX), as well as the expanding use of generative AI technologies, has led to a situation where the supply of data centers for data processing cannot keep up with demand. In this environment, demand for data centers is expected to remain at a high level.

This project focuses on hyperscale data centers* developed and invested in by Principal, located in

major U.S. data center regions, which are either currently operational or scheduled to become

operational. It is expected to have multiple major U.S. technology companies as tenants, and

ultimately the portfolio will exceed a total power capacity of 500MW.

The Fuyo Lease Group aims for sustainable growth as a corporate group by simultaneously addressing social issues and achieving economic value through the practice of CSV (Creating Shared Value) as outlined in the mid-term management plan "Fuyo Shared Value 2026," which started in the fiscal year 2022. Leveraging the insights gained from this project, we will accelerate investments in the data center sector both domestically and internationally, promoting efforts to realize a rich digital society and advancing the sophistication of ICT services and expansion of our service menu.

*Hyperscale Data Centers:

Extremely large data centers designed to efficiently provide vast amounts of computer resources. Generally, these facilities can house thousands of servers.

1 / 2

【About Principal】

Principal Financial Group, Inc. is a comprehensive financial group based on Principal Life Insurance Company, which has a history of about 140 years.

【About Principal Real Estate Investors, LLC】

Principal Real Estate Investors, LLC is the real estate management company under Principal's asset management division, Principal Asset Management. With offices in Asia, Australia, Europe, and America, and operations in over 35 countries worldwide, it provides asset management services to over 600 institutional investors. Principal has been involved in data center development and investment since 2006, boasting leading industry experience.

For more information, please visit https://www.principalam.com/jp.

Contact for Inquires

Fuyo General Lease Co., Ltd. Corporate Communications Office

Tatsuya Yamazaki

E-mail: [email protected]URL: https://www.fgl.co.jp/

2 / 2