Keppel-linked European asset management company Aermont is to acquire Spanish data center operator Nabiax.
European-focused infrastructure investment firm Asterion Industrial Partners this week announced an agreement to sell Nabiax to a fund managed by Aermont. The transaction includes the sale of Telefónica's 20 percent stake in the company.
Terms of the deal were not shared, but previous reports suggest Asterion was seeking around $1 billion for the operator.
Nabiax's current portfolio consists of three data centers with an installed IT power of 35MW located at facilities in Alcalá de Henares, Julián Camarillo (both in the province of Madrid), and Terrassa (Barcelona). The sites can reportedly expand to more than 100MW.
Jesús Olmos, founding partner and CEO of Asterion, said: "We are proud to have created - together with Telefónica - a company like Nabiax, that has allowed us to achieve differentiated returns for our institutional investors through the development of an industrial project that will enhance connectivity throughout Spain. We are convinced that Aermont is the right partner to continue supporting Nabiax in its growth story, aimed at creating essential infrastructure that drives digital transformation.”
Aermont is an asset management business focused on real estate investment in Europe. To date, the company has raised European investment funds and vehicles with total equity commitments of around €13 billion ($13.8bn).
Keppel acquired a 50 percent stake in Aermont earlier this year, and is set to acquire the remaining 50 percent by 2028. Keppel CEO Loh Chin Hua recently said the company was set to expand its data center footprint in Europe through Aermont. Keppel currently operates European facilities in the UK, Germany, Ireland, Italy, and the Netherlands totaling 100MW of capacity.
Paul Golding, managing partner of Aermont, added: “Nabiax aligns perfectly with our strategy to back talented management teams with a proven track record operating in sectors with high growth potential. We look forward to working with Emilio Díaz and his team, building on the strong foundations laid by Asterion and Telefónica and unlocking new opportunities in Spain and beyond.”
Reports that Telefónica and Asterion were exploring a sale of Nabiax surfaced last year, and then again in May of this year.
Goldman Sachs Infrastructure and Igneo were reportedly also among the final bidders for Nabiax. Others said to have had an interest in buying Nabiax include Wren House, Antin Infrastructure Partners, Blackstone, Brookfield Asset Management, CDPQ, DigitalBridge, EQT, Omers, PFA, and Vauban Infrastructure Partners.
Emilio Díaz, CEO of Nabiax, said: "The success of Nabiax has been an exciting journey with Asterion first and then together with Telefonica and I believe that Aermont is an excellent partner for the future. I think it is necessary to highlight the value of the Nabiax team, which has achieved the remarkable feat of turning a set of assets into the leading data center company in Spain, we face the future with ambition to continue growing in the Spanish market and explore new opportunities in the European market with Aermont."
Asterion Industrial Partners created Nabiax in 2019 through the acquisition of 11 data centers from Telefónica. Telefónica then contributed three additional assets in exchange for a 20 percent stake in the operator in 2021.
Nabiax sold its 11 data centers in Latin America to Actis last year.
Asterion said Telefónica will remain a tenant at the sites and continue to deliver and manage the services it currently provides to its clients from Nabiax’s existing portfolio.
