Stoneweg European Business Trust invests $58m in IDC Fund

The fund is set to be Europe’s largest data centre operator.

Stoneweg European Business Trust has invested $58m (€50m) in the Icona Data Centre Fund (IDC Fund), gaining an expected 4% to 8% stake depending on other investors’ commitments.

The IDC Fund is developing four hyperscale data centre sites across Ireland, Spain, Italy, and Denmark. These early-stage projects span 225 hectares, with 1,116 MW of secured or reserved power and visibility for another 563 MW—totaling 1,679 MW.

At full scale, the data centres are projected to carry a gross development value (GDV) of $34.2b (€29.5b) over the next 15 years, according to valuer JLL.

The investment gives Stoneweg Europe Stapled Trust early exposure to Europe’s hyperscale data centre market, aligned with its plan to expand beyond logistics and light industrial assets.

The fund is expected to become the largest data centre operator in Europe, with a 14% share of current power capacity.

Simon Garing, CEO of the managers of Stoneweg Europe Stapled Trust, said the investment strengthens portfolio growth and resilience, with minimal near-term impact on distributions. Returns are expected upon fund redemption.

As the IDC Fund is managed by a controlling shareholder of the trustee-manager, the deal is classified as an interested person transaction.

The audit committee has deemed it fair and not harmful to minority investors.