He said: "You have to assume there is a future in the sector. The world of technology is here to stay. We're not about to become a speculative developer." The new company, Alfred McAlpine Communications, is an offshoot of Alfred McAlpine Special Projects, which also handles PFI projects.
Alfred McAlpine Communications will provide internet data centres for global internet and IT companies in the UK and across Europe.
The market for these in Europe is believed to be worth £3.5bn over the next three years.