Brookfield has marked its entry into the European data centre market with an agreement to buy Data4 from AXA IM Alts.

AXA IM Alts said it has entered into an agreement to sell the European data centre platform to Brookfield Infrastructure without disclosing any financials.

Media reports, ahead of the deal, last month valued Data4 at around €3.5bn.

Data4 finances, designs, builds and operates its own data centres. AXA IM Alts on behalf of its clients, took full ownership of DATA4 in July 2018, buying the remaining 63% it did not already own from funds managed by Colony Capital (now DigitalBridge).

At the time, Data4 operated 15 data centres across three sites in France, Italy and Luxembourg. 

Under the ownership of AXA IM Alts, Data4’s portfolio has increased to 31 data centres across six countries with 850MW secured power.

AXA IM Alts said the ”accelerated expansion programme” allowed it to complete its business plan for the platform ahead of schedule and to crystallise value on behalf of clients.

To read the latest edition of the latest IPE Real Assets magazine click here.