Aiming to collect $1 billion in fresh capital in coming years, the fund will go after multifamily, industrial, data centers, life sciences, and other property types.
The deal values Iliad at about 10.85 billion euros ($12.9 billion), according to Bloomberg calculations.
A seasoned REIT executive, Duncan hadn’t had any experience in the data center business when he was appointed last year.
Its data center chip sales to hyperscalers like AWS and Google dropped 20 percent in the second quarter.
The results signal that CEO Arvind Krishna's pivot to cloud is starting to pay off.