Macquarie's Dutch Data Center Stake Sale and the Strategic Reallocation of Digital Infrastructure Assets in 2025

The sale of Macquarie Group's 75% stake in a Dutch hyperscale data center joint venture with NTT Inc. marks a pivotal moment in the evolving landscape of digital infrastructure investment. With final bids expected in December 2025 and a potential valuation of €900 million ($1 billion) for Macquarie's stake, the transaction reflects broader shifts in strategic asset allocation within the sector. This move follows a similar high-profile exit-the $40 billion sale of its stake in U.S.-based Aligned Data Centers to a BlackRock-led consortium-highlighting Macquarie's recalibration of its digital infrastructure portfolio amid surging demand for AI-driven infrastructure.

Digital Infrastructure: A $1 Trillion Growth Engine

The urgency behind Macquarie's exits is rooted in the explosive growth of digital infrastructure, driven by artificial intelligence (AI). Global data center spending is projected to exceed $1 trillion by 2030, with 2024 alone recording $290 billion in capital expenditures. Hyperscalers like Alphabet, Amazon, Microsoft, and Meta are leading this charge, with combined investments expected to surpass $350 billion in 2025. This surge is not limited to IT hardware; facility infrastructure, including electrical systems and cooling, now accounts for 12% of total CAPEX, as high-density GPU workloads generate unprecedented thermal loads.

The Dutch data center at the heart of Macquarie's sale is emblematic of this trend. Located in Amsterdam's Schiphol-Rijk district, the 60 MW facility is strategically positioned to serve European AI and cloud markets. Its appeal to bidders like Igneo Infrastructure Partners and Mapletree Investments underscores the sector's premium valuation, even as power infrastructure bottlenecks pose challenges.

Strategic Reallocation: From Ownership to Financing

Macquarie's dual exits-both the Dutch stake and Aligned Data Centers-signal a strategic pivot from direct asset ownership to financing and ecosystem development. This aligns with 2025 industry trends where infrastructure investors are increasingly leveraging capital to fund development rather than holding assets. For instance, Macquarie recently provided a $5 billion equity facility to Applied Digital, a move that positions it to capitalize on AI data center growth without long-term operational exposure.

This reallocation is also evident in the broader market. Private infrastructure fundraising hit $175 billion in Q3 2025, with data centers capturing nearly 20% of sector-focused funds. The UK's £5 billion Sizewell C nuclear project, backed by export credit agencies, further illustrates how investors are pairing digital infrastructure with energy solutions to address power constraints as the market evolves. Macquarie's own emphasis on fiber networks and energy systems for data centers reinforces this integrated approach according to industry analysis.

The Bigger Picture: Capitalizing on Structural Shifts

Macquarie's actions are not anomalies but part of a larger industry-wide recalibration. As vacancy rates in primary data center markets hit record lows, hyperscalers and infrastructure investors are prioritizing assets with immediate utility and scalability. The firm's decision to sell its Dutch stake-after a failed 2024 attempt-suggests patience in securing optimal valuations amid a competitive bidding environment.

Moreover, the rise of alternative energy sources, such as small modular reactors (SMRs), is reshaping how investors evaluate digital infrastructure. With cooling technologies and power reliability becoming critical differentiators, Macquarie's exit allows it to redirect capital toward emerging solutions rather than legacy assets according to industry experts.

Conclusion: A Blueprint for Future-Proofing Portfolios

Macquarie's stake sales exemplify a forward-looking strategy in a sector defined by rapid technological and regulatory change. By monetizing high-valuation assets and reinvesting in development financing and energy infrastructure, the firm is aligning with the structural drivers of digitalization and electrification. For investors, the lesson is clear: strategic asset allocation in digital infrastructure now demands agility, a focus on scalability, and a willingness to pivot as AI reshapes the industry.

As the Dutch data center sale nears completion and the Aligned transaction closes in 2026, the market will watch closely to see how Macquarie and its peers navigate the next phase of this $1 trillion race.