European data center firm Echelon might soon be up for sale.

Citing people familiar with the matter, Bloomberg reports Echelon's owner is considering options, including selling part or all of its stake in the company.

Starwood Capital Group is carrying out a strategic review of the business, working with Deutsche Bank AG and Eastdil Secured LLC.

Echelon could be valued up to €4.5 billion ($5.2 billion), with a sale process starting in the coming weeks.

The companies declined to comment to the publication.

Founded in 2016, Echelon now has eight campuses in its pipeline across Europe, totaling 1.2GW of capacity. Some 400MW is operational or under development. The firm has multiple sites across Ireland, as well as projects in the UK, Spain, and Italy.

Echelon’s major shareholder is Starwood Capital Group, a global private investment firm with approximately $115 billion in assets under management across North America, Europe, and Asia. Starwood invested $850 million in Echelon in 2024, though the two companies had previously worked together.

Echelon’s sites in Ireland – DUB10 and DUB40 in Dublin’s Clondalkin and Grange Castle, as well as DUB20 and another County Wicklow site, DUB30 – that will have a combined capacity of around 400MW. In the UK, it is developing the LCY10 site in London’s Docklands. A second London campus (LCY10) is planned in Chesham, Buckinghamshire.