Magnora Acquires Land Near Milan for Data Center Development, Eyes IPO for Powered Land Venture
May 18, 2026
Magnora Acquires Land Near Milan for Data Center Development, Eyes IPO for Powered Land Venture
Nordic energy firm Magnora is expanding its data center footprint with a new project in Italy, as the company prepares to spin off its data center arm into a publicly listed entity. The move underscores growing investor interest in pre-developed, powered land as a strategic asset class in Europe’s constrained data center market.
The company this week announced it has secured its second data center project in Italy, located on industrial-zoned land in the Milan area. While full details have not been disclosed, Magnora said a land exclusivity agreement has been signed and the local municipality is supportive of the project. The site benefits from strong surrounding electrical infrastructure, and a grid connection application has already been submitted. According to the firm, the project is wholly owned and “well-suited for data center development and construction.”
The new acquisition brings Magnora’s total data center project portfolio to a gross capacity of 585MW and a net capacity of 460MW. The company’s most recent investor presentation indicates the latest site could support up to 30MW across 23,000 square meters (247,570 square feet). Magnora’s other Italian project, also located in Milan, is another 30MW site spanning 34,000 square meters (365,970 square feet). Both sites are expected to be ready for sale to a data center developer by 2027.
“We have identified Italy as a highly interesting data center market,” said Erik Sneve, CEO of Magnora. “With the current hubs of Europe (FLAPD) facing significant power and regulatory constraints, Milan is considered one of the strongest candidates as an upcoming Tier 1 hub.”
Magnora, originally founded in 2001 and restructured as a dedicated renewable energy investor in 2018, has built a portfolio spanning wind, solar, and battery projects. The company is now positioning its data center subsidiary, Magnora Data Center ASA, for a separate listing on Euronext Growth Oslo, potentially as soon as the second quarter of 2026. Magnora ASA has stated it intends to remain a major shareholder in the data center business following the IPO.
The company’s data center strategy focuses on developing powered and zoned land offerings, allowing operators to acquire sites ready for construction. Beyond Italy, Magnora is targeting large-scale developments on Norway’s western coast in Kristiansund, as well as in Hämeenlinna, Finland, and a 60MW project in southern Sweden. The company’s broader development pipeline spans 2.7GW across 50 projects, with additional sites under assessment in other European markets and South Africa.
Last year, Magnora acquired a majority stake in Norwegian data center developer Storespeed, which operated a single colocation facility in Halden, Norway, with an installed capacity of approximately 1MW and potential to scale to 5MW. The acquisition marked Magnora’s initial entry into the data center sector, which it is now rapidly scaling through a land-banking and development model aimed at capturing demand from hyperscale and enterprise operators.
Source: datacenterdynamics
