An investor group led by investor BlackRock, chipmaker Nvidia and tech giant Microsoft agreed to buy Aligned Data Centers in a deal valued at $40 billion that ranks among the biggest involving real estate supporting artificial intelligence.
The group, formed last year to expand the capacity of AI support systems, is purchasing 100% of the equity in the Dallas-based designer and operator of data centers spanning 50 campuses in markets including Northern Virginia, Chicago, Dallas, Phoenix and Sao Paulo, Brazil. The seller includes funds tied to Macquarie Asset Management and its co-investors.
The partnership, including investors Global Infrastructure Partners, MGX, the Kuwait Investment Authority and Temasek of Singapore, aims to accelerate AI innovation and drive global economic growth and productivity, BlackRock Chairman and CEO Larry Fink said in a statement.
"With this investment in Aligned Data Centers, we further our goal of delivering the infrastructure necessary to power the future of AI, while offering our clients attractive opportunities to participate in its growth," Fink added.
The deal's announcement comes a year after BlackRock, the world's largest asset manager, completed its acquisition of U.S. investment fund Global Infrastructure Partners.
“AI is reshaping every sector of the global economy," BlackRock's Global Infrastructure Partners Chairman and CEO Bayo Ogunlesi said in the statement. "By combining Aligned’s scalable, adaptable platform with AIP’s capital and capabilities, we will build the infrastructure to support innovation at scale — creating resilient, sustainable communities and unlocking transformative growth worldwide.”
Increasing property investment behind AI
The deal reflects the growing investment in commercial property that supports the increased interest in AI. Nvidia unveiled a $100 billion investment in OpenAI last month to fund a major expansion of data centers using their combined technology.
The moves are the latest by the tech giants — and others such as Microsoft, Amazon, Meta and Google — to secure land, real estate and power needed to support the expected expansion in computer systems that designers say could soon rival humans for reasoning.
The group of investors, calling itself the Artificial Intelligence Infrastructure Partnership, expects the deal to close in the first half of next year, pending approval by regulators. Aligned Data Centers is expected to be led by CEO Andrew Schaap and Aligned’s existing leadership team.
Schaap told CoStar News in an email that the backing will allow Aligned to "accelerate the expansion of its footprint, drive further innovation and continue delivering next-generation data center solutions" to "meet rising demand for scalable, sustainable digital infrastructure.”
The seller, Macquarie Asset Management, made its initial investment in Aligned in April 2018 through Macquarie Infrastructure Partners IV, and another Macquarie fund acquired an additional stake in July 2020.
Investor group's first deal
The purchase of Aligned Data Centers is the first deal by Artificial Intelligence Infrastructure Partnership since the group was formed in September 2024. The investor group's initial plans include deploying $30 billion into AI deals with the potential of reaching $100 billion including debt, the statement said.
Under Macquarie Asset Management’s ownership, Aligned Data Centers expanded its operations from two facilities in Dallas and Phoenix with 85 megawatts of capacity to more than 5 gigawatts of operational and planned capacity.
That includes assets under development across 50 data centers in the United States, Mexico, Brazil, Chile and Colombia.
To give some perspective, 1 gigawatt can power about 750,000 homes at the same time.
“The scaling of Aligned Data Centers from two locations to 50 in seven years is representative of our approach to working with great companies and teams to support their rapid growth and deliver positive impact," said Ben Way, head of Macquarie Asset Management, in the statement.
For the record
Guggenheim Securities was the lead financial adviser to the sellers. Wells Fargo, TD Securities, Deutsche Bank, Goldman Sachs, JPMorgan, Citizens JMP Securities and BofA Securities also served as financial advisers. Latham & Watkins served as legal counsel to the sellers. Sterlington PLLC served as legal counsel to Aligned’s management team.
Updated Oct. 16 to reflect comment from the CEO of Aligned Data Centers.