BlackRock and IFM in exclusive talks for $25B data center deal

BlackRock and IFM Investors are reportedly in exclusive talks to acquire a data center portfolio valued at $25 billion, adding another massive transaction to what has become a historic spending spree on AI infrastructure by the world’s largest asset manager.

BlackRock’s data center empire keeps growing

In July 2026, BlackRock’s Global Infrastructure Partners closed a $40 billion acquisition of Aligned Data Centers, a deal that handed the firm control of more than 51 campuses and over 6.4 gigawatts of capacity. That transaction alone included a $5 billion commitment earmarked for future growth.

Days later, BlackRock announced an 80/20 joint venture with Meta to develop a $14 billion data center in El Paso, Texas. That facility is expected to deliver 1 gigawatt of capacity when it comes online around 2028.

And then there’s the roughly $27 billion joint venture BlackRock formed with Spain’s ACS for broader data center development.

Why IFM makes sense as a partner

IFM Investors manages roughly A$230 billion in assets on behalf of pension funds, making it one of the largest institutional investors in the infrastructure space globally. The Melbourne-based firm has been building its own data center expertise, having acquired Swiss data center operator Green Group in July 2025.

Large technology companies like Meta are increasingly seeking off-balance-sheet solutions for their massive AI capital expenditure programs. Rather than owning data centers outright, they prefer to lease capacity from financially sophisticated landlords who can absorb the upfront construction costs.

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