ACS (AO) | Hold | Coravel, the ACS-GIP data-centre development JV, shows progress

Research evidence excerpt

ACS (AO) | Hold | Coravel, the ACS-GIP data-centre development JV, shows progress

CS’s development,

engineering and construction capability with GIP’s investment expertise to build a platform designed to deliver at scale in

markets with strong long-term demand.

ACS's data-centre development strategy

On the data-centre development front, ACS’s strategy involves the deployment of capital in data centres at several stages. In the

first stage, ACS has been investing in a land bank to develop the assets, which we expect the company to continue to do, given the

disclosed potential project pipeline. In the second stage, the company joined forces with a financial investor (BlackRock’s GIP) in

a JV, into which ACS contributed the current plots under development.

After the JV has constructed the data centres, ACS envisages a third stage in which it will partially rotate the capital invested. Over

the course of this process, ACS expects to generate an increase in value from the development of the land and the asset becoming

operational.

Although ACS will deploy most of the capital required for data-centre development projects, Hochtief is also developing smaller,

modular and sustainable Edge data centres. The German company plans to invest equity of EUR0.2bn before 2030 in 33 Edge

assets, starting in Germany and expanding into Europe in the following years.

The GIP JV

ACS announced its data-centre development JV with GIP at its November 2025 Data Centre Investor Day. With the transaction,

both ACS and GIP each injected cash into the JV (some EUR1bn in total), and the vehicle then bought the data-centre assets under

development from ACS for that same amount.

If all development milestones defined by the partnership are achieved, the partners will inject another EUR1.2bn in cash