Asterion Industrial Partners, an independent investment firm focused on European mid-market infrastructure, today announced its entry into the Portuguese data center market with the acquisition of the Covilhã Data Center Campus from Altice Portugal, the country’s leading telecom operator. The transaction, structured as a carve-out, is being executed through Asterion Infrastructure Fund III.
The Covilhã Data Center Campus currently offers 6.8 MW of installed capacity and a modular architecture design that enables meaningful expansion. The data center can accommodate up to 75 MW of additional capacity through new blocks within the existing campus, and a further opportunity to reach c.175 MW on adjacent land with power already secured. Strategically located 200 km from Porto and 220 km from Lisbon, the campus can serve the local Portuguese market and hyperscalers, as well as European AI players requiring high-performance compute infrastructure. As part of the transaction, Altice Portugal will remain the anchor tenant under a long-term Master Services Agreement, reinforcing a strategic partnership that ensures continuity and visibility for both parties.
This transaction marks Asterion’s entrance into the Portuguese data center space, a market with compelling fundamentals: low energy prices, robust terrestrial connectivity, and favorable regulatory conditions. Portugal also stands out as one of Europe’s most advanced fiber markets and benefits from a resilient energy system supported by significant investment in renewable generation.
The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of 2026. Asterion was advised by Clifford Chance and Morais Leitão on legal, and EY on financial and tax.
This is Asterion’s second major data center transaction, following last year’s sale of Nabiax —Spain’s leading data center platform—which the firm had built together with Telefónica since 2019.
About Asterion Industrial Partners
Asterion Industrial Partners is an independent investment management firm focused on European infrastructure in the mid-market. Founded in 2018 and with $10bn under management, the firm invests in essential infrastructure across the energy, digital, utilities and mobility sectors, with a hands-on, industrial approach that prioritizes long-term value creation and sustainability.
cloud technology axon
Addleshaw Goddard (AG), the London-headquartered international law fir...
