A land deal in Norway's Fauske municipality saw investors purchasing a horse racing track to turn it into a data center hub, emphasizing the increasing interest in northern Norway's land for tech developments.
In Fauske municipality, Nordland, a seemingly unremarkable horse racing track at Krokdalsmyra is at the center of a lucrative land transaction. Despite never having been fully operational, the land is now attracting substantial investments, notably from prominent figures like Kjell Inge Røkke, who plans to develop it into a large tech hub valued at over 10 billion NOK. This interest is largely due to the unique advantages Norway offers for data centers, including affordable land and ample access to renewable energy.
The deal originated back in 2018 when Åsmyra industripark AS secured the land for just 6.5 million NOK from the municipality of Fauske. The ownership of the racing track was divided among several shareholders, including Bodø's mayor Odd Emil Ingebrigtsen, who held a significant stake. The initial agreement aimed at developing the area into an industrial park tailored for data centers, tapping into the rising demand for tech infrastructure in the region.
Recently, the same plot of land was sold again within the same day for over double the purchase price, highlighting the rapid escalation in land value driven by the burgeoning tech sector's appetite for space. This transaction underscores broader trends of investment in northern Norway, where natural resources like hydropower synergize with technological advancements, making it an attractive destination for prospective data center operators.
