Data center firm AiOnX has secured a US hyperscaler for its debut campus outside Dublin, Ireland.

The company is owned by the SWI group, which is also looking to pivot some of its logistics and warehouse sites into data center developments.

SWI is also set to acquire a cryptominer in the US and pivot some of those company’s sites to AI and HPC use.

AiOnX secures tenant in Ireland

Stoneweg Europe Stapled Trust (SERT), which combines Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust, recently outlined some of its data center plans. SERT is managed by SWI Group, which also owns AiOnX.

During the company’s Q1 2026 earnings results and analyst call, SERT announced its investment in AiOnX, investing in a seven-year €50 million ($43.2m) mandatory convertible loan issued by the developer.

As part of that investment, SERT noted that AiOnX has secured a hyperscale tenant for its Irish campus.

“The first phase of the Dublin data center is about to complete with rentals for 16MW of immediate power commencing in late 2026. The entire 179MW is leased to a major US hyperscaler,” Simon Garing, CEO of Stoneweg EREIT Management Pte. Ltd, said during the earnings call.

AiOnX is developing the Kildare Innovation Campus in Leixlip, County Kildare. Formerly the home of a meat factory and abattoir, HP opened a campus on the site in 1996 that was primarily used to manufacture ink cartridges for the company’s printers.

HP announced the closure and planned sale of the manufacturing site in 2017; BlackRock acquired the site for €51m ($58.4m) in 2018 and subsequently sold it to Swiss real estate investment company Stoneweg (now SWI) in 2021 for a reported €100m ($114.6m), which began pivoting the site for data center use.

SWI’s recently published 2025 annual report also notes that AiOnX’s Dublin campus has been leased to a hyperscale tenant.

SERT and SWI didn’t name the customer, but Business Post reports it is Amazon. Filings with the EPA from last year also suggest Amazon is leasing the site. Documents suggest the cloud company has signed a 20-year lease for the first single-story building (DUB159), with two five-year extension options.

Amsterdam Euronext-listed SWI is an alternative investment conglomerate. Formed from the merger of Stoneweg and Icona Capital last year, the company has some €11 billion in assets under management, including SERT and AionX.

AiOnX is also developing a data center park in Cambridge, UK, and has projects in Milan, Italy; Varde, Denmark; and Madrid, Spain. The company has secured 1.69GW of capacity, with potential to reach 2.25GW.

Stoneweg looks to convert logistics sites to data center

During the call, Garing noted that, as well as investing in AiOnX, SERT was also looking to convert a number of its existing assets for data center development.

“We have now completed initial feasibility studies in our portfolio and have found around ten sites across four European countries, which could serve as credible data center conversion sites,” he said.

He noted that planning is now being fast-tracked to allow for conversion within two to four years.

“Parc des Docks, Paris, is SERT’s flagship conversion project. It has recently received positive planning feedback and attracted interest from major hyperscalers,” Garing said.

Located outside Paris in Saint-Ouen, Parc des Docks is currently a logistics and warehouse site totaling eight buildings on 11 hectares and 73,370 sqm (789,748 sq ft) of space. Stoneweg took the site over in 2024 after buying Cromwell Property Group’s European funds management platform, rebranding it to SERT.

Cromwell acquired the site in 2017 for €98m ($115.4m). The French government had at one point been considering expropriation of the site in order to develop a hospital, university complex, and school, but backed off the plans in 2019.

SERT said it will continue to proactively manage leasing at selected assets ahead of the planned data center conversions.

SWI targets US, aims to buy cryptominer

Earlier this year, SWI noted that it was acquiring a “significant stake” in an unnamed US data center company.

Few details were shared at the time, but its annual report has shed more light on the deal.

The firm said it was in the process of acquiring a majority stake in an unnamed US Bitcoin miner (to be transformed into HPC).

The firm is currently drawing 645MW of grid capacity for operations, and a total of 1.3GW of secured and energized grid connections, predominantly across the US and Sweden.

“The group intends to reposition the current asset base to high-performance and AI-related data center services leveraging its extensive expertise, track record, and network in the space,” SWI said in the report.

The portfolio comprises 15 facilities, including three hyperscaler-grade sites in Texas with a combined capacity of 900MW, where commercialization can be achieved within the next two years.

In total, SWI says its data center platform could total 5GW across the US and Europe.

SWI this year acquired a majority stake in Polarise, a European Nvidia Cloud Preferred Partner.

SWI declined to comment to DCD.