Stoneweg Europe Stapled Trust (SERT) has invested €50 million in the Stoneweg Icona data centre fund, gaining early exposure to a major development platform set to become one of Europe’s largest hyperscale data centre operators, the company announced on Tuesday.
The investment, made through the recently established Stoneweg European Business Trust, is expected to translate into a 4% to 8% stake in the fund, depending on the final contributions from other investors.
The fund holds interests in four early-stage data centre sites located in Ireland, Spain, Italy, and Denmark.
The sites span a total of 225 hectares with 1,116 megawatts (MW) of secured or reserved power and potential for an additional 563 MW, bringing the total to 1,679 MW.
The portfolio’s estimated gross development value stands at €29.5 billion over the next 15 years, based on current market valuations.
If realized, the platform could represent more than 14% of Europe’s current operational power capacity, making it the largest in the region.
The investment aligns with SERT’s 2020 strategy to diversify beyond logistics and light industrial assets into high-growth digital infrastructure.
It also complements SERT’s existing data centre holdings in Denmark and Poland.
The sites are currently progressing through development approvals, with pre-leasing discussions underway with hyperscale clients.
Several critical milestones have already been achieved, providing a favorable entry point for SERT.
The transaction is classified as an “interested person transaction” under Singapore Exchange rules, as the fund is managed by a controlling shareholder of SERT’s trustee-manager.
The audit and risk committee deemed the investment commercially sound and aligned with the interests of minority shareholders.
The investment is ring-fenced and will not affect SERT’s balance sheet, with distributions expected upon fund redemption.
Business News Asia
