Investment firm InfraVia Capital Partners is to sell Swiss data center firm Green to IFM Investors.

InfraVia this week announced IFM Global Infrastructure Fund (IFM GIF), advised by IFM Investors, has agreed to indirectly acquire 100 percent of Green Group AG.

Terms were not shared, but the deal is set to close later this year.

“We look forward to embarking on the next chapter of Green’s expansion in partnership with IFM Investors. Their proven sector expertise, expansive European infrastructure network, and robust financial resources will be instrumental in accelerating our growth strategy,” said Roger Suess, CEO of Green Group AG.

Founded in 1995, Green has four campuses in operation and development around the Zurich area.

Launched in 2014, Zurich West was originally set to be built out to three facilities across 10,000 sqm (107,650 sq ft). The Zurich Metro campus will now eventually span three buildings (M, N, and O) on a 46,000 sqm (495,150 sq ft) site: construction on the first data center – M – began in early 2021 and officially went into operation in January 2023.

Work on the other two buildings started last year. Zurich City is an underground facility the company acquired in 2016 offering 3,200 sqm (34,450 sq ft), and Zurich North is a two-story facility spanning 1,000 sqm (10,750 sq ft).

InfraVia Capital Partners acquired the company from Altice in 2017 for around $217 million. Reports that InfraVia could be looking to sell Green surfaced back in August 2024, with the investment firm said to be valuing the company at about €1 billion ($1.1 billion).

Bruno Candes, partner at InfraVia Capital Partners, said: “It has been a pleasure working with Green’s first-class management team over the past eight years. Green’s strong existing asset portfolio, relationships with key clients and stakeholders, and accumulated development and construction expertise leave the company well poised for the next chapter of its successful growth story. We wish Green and IFM Investors the best in the years ahead”.

InfraVia is a European private equity firm specializing in assets such as infrastructure, critical metals, real estate, and technology. The company previously acquired NGD in Wales in 2016, and sold it to Vantage in 2020. The firm has also invested in and/or exited Adtim, Cignal, Celeste, Etix Everywhere, Fibre Networks Ireland, Hello Fiber, IFT, Nexfibre, and PSO.

Owned by UK and Australian pension funds, IFM is an investor in DigitalBridge’s Switch unit. The company, which has some $153bn in assets under management, was also reportedly a bidder for APAC operator AirTrunk. As well as energy infrastructure, it also has investments in fiber firm GlasfaserPlus in Germany alongside Deutsche Telekom and UK broadcast infrastructure firm Arqiva.

“IFM Investors is excited to work closely with Green’s management to support the next phase of growth. Green’s excellence in data center operations and delivery expertise, alongside its industry leadership in sustainability, makes the company a natural fit for IFM GIF,” said Deepa Bharadwaj, head of infrastructure Europe at IFM Investors. “We believe this partnership aligns with our mission to deliver returns to our investors, in line with our purpose to invest, protect, and grow the retirement savings of working people.”