Asterion Industrial Partners has acquired a portfolio of data centers from Telefónica.
The portfolio consists of 29 megawatts of power through 11 state-of-the-art and highly connected data centers, in Spain, the United States, Brazil, Mexico, Chile, Peru and Argentina. The data centers mostly have a Tier III or IV certification, representing the highest quality in the reliability benchmark for a data center’s server hosting ability. The carve-out, which values the transaction at €550 million ($616 million), represents a highly attractive investment in an independent telecoms’ infrastructure platform with a global reach. After recent investments in Proxiserve and the creation of the pan-European Asterion Renewables Platform, the transaction is the third investment for the Asterion Industrial Infra Fund I, offering very solid downside protection through the long-term contract with the anchor tenant, as well as providing several levers for value creation.
Data centers provide mission-critical infrastructure supporting the change in paradigm toward cloud and intelligent computing, which is driving strong growth, uncorrelated with the cycle, particularly across the platform’s geographies where penetration is still at infancy levels. Telefónica’s unique data center portfolio platform, combines a high-quality and geographically diverse asset base with a distinct, long-term contract with the leading telecommunications and cloud operator in these markets.
Asterion Industrial with its pan-European presence and experience in both investment and industrial settings, is broadly focused on the Telecoms, Energy & Utilities and Mobility sectors, predominantly in the U.K., France, Spain, Portugal and Italy. The industrial approach to value creation is an important attribute to managing the complexity around the core infrastructure framework of the assets.
