Sell an existing data centre
Existing assets, operating data centres, operator properties and expansion projects – positioned around the operating model, contract structure and evidenced capacity.
Asset classes · Data centres
Sell Data Centres & Data Centre Development Land
Fox Capital advises owners and developers on the sale of operating data centres, suitable land and data centre development projects. We identify and approach institutional investors, hyperscalers, data centre operators, developers and strategic buyers in Germany and internationally.
Sale mandates
Sell existing data centres or development land
Sell data centre development land
Commercial and industrial land, brownfield sites and suitable existing properties with conversion potential – assessed against infrastructure, planning status and development options.
Site criteria
What matters for data centre land in Germany
- ›Site area and expansion potential
- ›Grid connection capacity in MW and its actual contractual status
- ›Expected date of power availability
- ›Fibre connectivity and redundancy options
- ›Planning position and permitting status
- ›Cooling, water and waste heat utilisation
- ›Building suitability and conversion potential
Power capacity must be reported separately as contractually secured capacity with supporting evidence and an availability date, capacity merely requested from the grid operator without a binding commitment, or technically theoretical capacity without a secured connection. An expected availability date is not a guarantee; connection and permitting status must be checked against the available documentation.
Fox Capital GmbH is an independent, owner-managed advisory firm for real estate transactions, financing, corporate finance and M&A. For data centres, we advise on operating assets, expansion phases and land sites from a transaction volume of EUR 10m – as single assets, portfolios or permitted development schemes, off-market or in a structured bidding process.
A data centre's value lies in its power, not its shell: contractually secured grid capacity, the condition and maintenance history of the M&E, and the contracts that define income. Buyers therefore look less at square metres and location than at capacity, redundancy, power procurement and contract term.
The buyer universe is specialised and limited. Broad marketing generates enquiries but rarely robust bids. What matters is a targeted approach to parties whose acquisition criteria match the asset's size, operating model and contract structure.
What we look at first
- Grid connection: contractually secured, merely requested or technically theoretical capacity; document reserves and connection timelines separately
- Operating model: wholesale, colocation, owner-occupied or sale-and-leaseback
- Contract structure: terms, indexation, SLAs and capacity commitments
- Power procurement and price indexation as an income risk
- M&E: redundancy level, maintenance history and remaining useful life
- Expansion land, planning consent and deliverability of a second phase
Key figures
- Data centres & land
- from EUR 10m
- Assets
- Data centres, powered land, build-to-suit
- Typical buyers
- Infrastructure funds, specialist funds, strategics
- Valuation basis
- Operating model, contracts and grid connection
- Marketing
- Off-market or bidding process
Value drivers
What moves the price here
Grid connection is the bottleneck
The availability and lead time of grid connections determine how quickly capacity can generate revenue. A documented, contractually secured connection is a value driver in its own right; an unresolved connection extends due diligence and reduces the price.
Contract structure defines income
Wholesale contracts priced by capacity, colocation by rack or space, owner occupation with sale-and-leaseback: each model allocates risk and return differently. Term, indexation, termination and change-of-control rights belong up front in the materials; the legal assessment of an individual case belongs with qualified lawyers.
M&E rather than the shell
UPS, cooling, generators and fire detection carry the operation. Remaining useful life, maintenance history and a capex plan give buyers confidence; without them, replacement needs are often deducted from the price as a lump sum.
Power price and procurement
Energy is the largest single cost item. How procurement is organised – fixed prices, indexation, on-site generation or leased rooftop solar – determines how reliably the operating margin can be forecast.
Evidencing capacity
Designed, live and contracted capacity should be reported separately. An investor prices secured, leased capacity differently from development land with a future scenario – both are valuable, but in different ways.
Expansion as a second source of value
Free land, connection reserve and achievable planning consent for a second phase add significant appeal. Buyers price in this optionality when it is documented in a verifiable way.
Process
How a sale runs in this segment
- Step 01
Asset and operations review
Document capacity, grid connection, M&E, contracts and operating results for recent financial years.
- Step 02
Valuation and positioning
Valuation based on sustainable operating and contract income; definition of the target group and suitable buyer universe.
- Step 03
Structuring decision
Asset or share deal, off-market or bidding process – aligned with confidentiality, timetable and tax review by your advisors.
- Step 04
Anonymised teaser and outreach
Targeted, discreet approach to parties that actually acquire in the data centre segment.
- Step 05
NDA and data room
Complete, indexed data room with technical evidence, contracts and operating documentation.
- Step 06
Offers, due diligence and closing
Technical due diligence takes up more room than usual; we manage the review through to signing.
From practice
What we see in real deals
Separate operations from the property
Buyers want to understand what the property including M&E earns and what the operation contributes on top. Blending both into one figure lengthens due diligence – and shifts the negotiation to price.
Capacity figures with evidence
Capacity figures belong in the materials with their source: connection agreement, expansion plan, leasing status. Without evidence, buyers discount every number; with evidence, it becomes a basis for negotiation.
Clarify power price indexation early
How price changes are passed on to tenants or operators is one of the first diligence questions. If it is unresolved, income appears unstable – regardless of the asset's actual quality.
Describe land sites precisely
For data centre land, the status of the grid connection drives valuation. Land with a secured connection and land with a pending connection request are two different products for investors – and should be positioned accordingly.
Questions
What owners ask us
The points owners raise before a mandate — answered the way we would in a first call.
Who buys data centres?
Depending on size and operating model, relevant buyers include infrastructure and specialist funds, institutional investment managers, family offices, strategic buyers from technology and energy, and operators with their own or affiliated capital. For portfolios and platforms, the repeatability of the product becomes more important.
How are data centres valued?
The basis is usually sustainable income from lease or operating agreements, adjusted for power costs, maintenance, M&E reserves and the status of the grid connection and expansion reserves. For land sites and projects, deliverability takes centre stage: planning consent, connection status and expansion plan. Tax or legal assessment of an individual case belongs with qualified tax advisors or lawyers.
Which documents matter most?
Evidence of grid capacity, power contracts, capacity schedule, lease and operating agreements, M&E maintenance history, redundancy concept, planning consent and insurance cover. The more complete these documents are, the faster and more robust the review.
Do you also sell land for data centres?
Yes. We advise on the sale of commercial and industrial land, brownfield sites and suitable existing properties with conversion potential. The buyer universe depends on connection status, planning position and development plans and may differ from that for operating data centres. Our land and development sites page provides further context.
Is a data centre sale run off-market?
Usually, yes. With ongoing operations and sensitive clients, a discreet approach to a small number of vetted parties is the norm. Details are disclosed only after a non-disclosure agreement.
Documents
Documents buyers need
- ›Evidence of contractually secured grid connection capacity and the import/export framework
- ›Power procurement: supply agreements, procurement strategy and price indexation
- ›Capacity schedule: designed, live and contracted capacity (MW or rack space)
- ›Lease or operating agreements including terms, indexation, SLAs and termination provisions
- ›Maintenance and capex history of M&E: UPS, cooling, generators, fire detection
- ›Redundancy concept (e.g. N+1 or 2N) and documented availability targets
- ›Planning permits, construction phase and expansion reserves on the site
- ›Energy and sustainability documentation, insurance cover and fire protection concept
Further reading
Related asset classes
- Selling logistics & light industrialWarehouses, business parks, energy potential
- Selling infrastructure & energyGrids, storage, fibre
- Selling land & development sitesPlanning, servicing, connection status
- Real estate sales to institutional investorsTransaction types and sale process
- Glossary: data centre, PPA and other termsKey terms explained
Buyer universe
Who buys data centres
Buyer suitability depends on the operating model, remaining contract terms, site and grid connection status. The companies named are examples of potential market participants only; they do not imply business relationships, existing acquisition mandates or confirmed buying interest. Businesses needing IT capacity may be tenants or users rather than property buyers.
- ›Hyperscalers and cloud providers, for example Microsoft, AWS and Google
- ›Data centre operators and developers, for example Equinix, NTT, Vantage and CyrusOne
- ›Institutional investors, infrastructure and private equity funds; family offices where acquisition criteria align
- ›Strategic businesses with their own IT infrastructure needs, for example in pharmaceuticals, financial services and technology – subject to confirmation of an actual property acquisition interest
Asset classes
What we cover
For data centres and corresponding development land, the minimum transaction volume is EUR 10m. Our general focus on real estate and corporate transactions from EUR 20m does not set the minimum for this segment. We advise across Europe, with a focus on the DACH region.
Thinking about selling in this asset class?
Send us the key figures — you get an honest read on price and buyer universe.