European Property – The Property Ticker: Spain eases data centre energy rules; PHP increases target size of USS JV; UK CRE lending jumps 29%; UK datacentre tax relief must follow the power… and more

J.P. Morgan's European property team published its property ticker. Spain eased proposed power rules for data centres after industry pushback, replacing an immediate 80% renewable-energy requirement with a phased approach: projects must source 60% of electricity from renewables during peak-demand hours until 2029, rising to 70% in 2029 and 80% in 2032. The revision, which also relaxes rules on the age of qualifying renewable projects, is supportive for a rapidly expanding Spanish data-centre market where Amazon, Microsoft, Blackstone and Merlin Properties are investing;