Spanish data center developer Xdata is looking to sell a stake in the company in order to help fund the development of its 100MW campus in Madrid.

Cinco Dias reports that XData’s parent company Stoneshield Capital has commissioned Morgan Stanley and CBRE to search for an investor.

XData Properties was set up by Stoneshield in 2021. Its portfolio currently consists of a data center in Madrid bought from Spanish IT firm Indra in 2021 for a reported €40 million. The seller, Indra, is Spain's largest IT group, and will remain as a tenant for one year (extendable to 18 months) while it finds new accommodation for its resources there.

The company reportedly aims to invest around €750 million ($768.3m) developing the former Indra site into a 100MW campus known as the San Fernando Park.

According to CD, Stoneshield is currently analyzing incorporating an investment partner in XData to capitalize the company and join the Spanish fund in developing the San Fernando campus. One source suggested the company could be looking for up to €300 million ($307.3m), though another source refuted this number.

XData's CEO, Santiago Hernández Onís, worked for Equinix for 17 years, serving as VP of Spain and Portugal, before shorter spells at Spanish operator Fibratel and European operator Data4.

Stoneshield was set up in 2018 by former managers in Spain of the real estate investment fund Lone Star, and reportedly has some funding from renowned investor Warren Buffet.