Stoneweg Icona data centre fund rebranded to AiOnX; adds fifth asset in UK

The trustee-manager of Stoneweg European Business Trust announced on Wednesday (Jul 2) that SWI Group, the sponsor of Stoneweg Europe Stapled Trust (Sert), has added a fifth data centre site in the UK, to its fund named AiOnX.

The Cambridgeshire site will be located at Sutton-in-the-Isle, between Cambridge and Peterborough, and be scaled up to a final capacity of 330 megawatts.

It will also target the UK’s cluster of global technology operators located in the “Golden Triangle” – between Cambridge, Oxford and London – to serve artificial intelligence and cloud demand in the area, and become one of the biggest data centres in the UK.

The Stoneweg Icona data centre fund – rebranded as AiOnX – will now encompass five high-specification hyperscale data centre sites across strategic European locations including Spain, Italy, and now the UK.

The development plan of the five assets aims at creating 2 gigawatt total capacity for an investment of more than 20 billion euros (S$30 billion), for AiOnX to become one of Europe’s largest data centre owners.

This is one of the first moves by SWI Group – comprising Stoneweg, Icona Capital, its subsidiaries and associates – since it became Sert’s sponsor in end-2024.

On Jun 24, Stoneweg European Business Trust said that it invested 50 million euros in AiOnX, where its stake in the fund is expected to range from 4 to 8 per cent, depending on the final quantum of investment made by the other investors.

This investment in early-stage data centre sites complements the stapled trust’s existing data centre holdings in Denmark and Poland, so as to diversify into high-growth infrastructure assets alongside its logistics and light industrial portfolio.

As at 1.58 pm, stapled securities in Sert were trading flat at 1.52 euros on Wednesday.

Copyright SPH Media. All rights reserved.