InfraRed Capital Partners Acquires Majority Stake in Spanish Data Center Platform NxN

InfraRed Capital Partners Acquires Majority Stake in Spanish Data Center Platform NxN December 18, 2025 In a move highlighting the sustained investor appetite for European digital infrastructure, London-based infrastructure asset manager InfraRed Capital Partners has acquired a majority stake in Spanish data center developer NxN Data Centers. The transaction underscores the strategic importance of the Iberian market as a growth frontier within Europe's rapidly expanding data center landscape. The deal, announced this week, sees InfraRed take a controlling interest in the Valencia-based platform. Financial terms were not disclosed. The existing minority investor, UK-based private family office Adequita Capital, will retain its stake. NxN was originally formed in 2023 as a joint venture between Adequita and Spanish telecommunications provider Nethits Telecom Group. The investment will directly support the construction of NxN's inaugural facility, a 5-megawatt (MW) data center in Valencia. Construction on this project is already underway, with the facility scheduled to become operational in 2027. InfraRed and Adequita have stated their intent to pursue further expansion opportunities across the Iberian Peninsula following this initial development. InfraRed, which is part of SLC Management and controls approximately $13 billion in equity capital, brings significant sector expertise to the partnership. Pilar Banegas, a partner at InfraRed, commented on the strategic rationale, stating, “NxN represents an exceptional opportunity to establish a data center platform within Spain’s fast-growing digital landscape. We will also draw on our experience developing Nexspace, our DACH data center business, as we support the impressive NxN leadership in building this investment.” For NxN, the partnership provides the capital and institutional backing necessary to scale its operations. Javier Salas, founder and executive chairman of both Nethits and NxN, noted, “We are delighted to partner with InfraRed to deliver high-quality, energy-efficient data centers in Spain. By leveraging InfraRed’s experience in growing data center businesses, we are well-positioned to execute our vision for NxN: to deliver best-in-class data center infrastructure supporting Spain’s digital transformation.” The acquisition is the latest in a series of data center investments by InfraRed, which also owns European platform Nexspace and recently launched Canadian operator Qu from assets acquired from Rogers Communications. For the Spanish market, this influx of institutional capital signals growing confidence in its digital economy and is likely to accelerate the development of critical infrastructure needed to support cloud adoption and AI-driven demand. Source: datacenterdynamics