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 d...