Manubens Abogados highlights the rise of Data Centers as the new star asset in the real estate sector and underscores the key legal aspects that investors must consider in Spain.
Data centers have become one of the most sought-after assets in the real estate market. They are the infrastructure that makes cloud computing, artificial intelligence, streaming, and e-commerce possible—and demand for them continues to grow. Spain has emerged as a strategic destination for such investments, particularly in Madrid, Catalonia, and Aragon, where connectivity, energy availability, and regulatory stability converge.
However, investing in this type of asset is not comparable to acquiring an industrial warehouse or an office building. The legal and technical aspects involved are complex and require a cross-disciplinary approach combining real estate, urban planning, energy, telecommunications, and tax law.
Before investing, it is essential to confirm that the chosen land legally allows the establishment of a data center. Although these are often equated with industrial uses, not all urban plans explicitly include them. In some cases, they fall under technological or advanced service uses, which may require additional authorizations or planning modifications.
Moreover, compliance with zoning regulations alone is not enough. Electrical availability and digital connectivity are decisive: a data center without sufficient power capacity or redundant access to fiber-optic networks is not viable, no matter how attractive the plot may be.
The legal review prior to purchase or investment must be more thorough than usual. It is not only about verifying ownership and encumbrances but also integrating critical technical factors such as:
These elements can significantly affect the operation and future value of the asset, and they must be identified before closing the deal.
The business model also shapes the legal structure.
These structures combine elements of leasing and service provision, which impact indirect taxation (VAT, transfer tax) and liability in cases of malfunction or service interruption. It is therefore crucial to define precisely the risks borne by each party and the mechanisms for compensation.
The European regulatory framework is moving toward energy efficiency and environmental transparency. The Energy Efficiency Directive (2023/1791/EU) will require data centers to report their consumption, emissions, and energy sources—directly affecting construction and operational costs.
In addition, physical and cybersecurity dimensions must be considered. Infrastructure failures may generate indirect liabilities for the owner vis-à-vis clients or even third parties, making it essential to strengthen contracts, insurance policies, and maintenance protocols.
Tax structuring must be planned from the outset. Data centers may be managed through special purpose vehicles (SPVs) or integrated into other entities (such as REITs), depending on the investor’s profile and project objectives.
The treatment of VAT, property tax (IBI), construction tax (ICIO), or even corporate income tax will depend on how the relationship between owner and operator is structured, as well as on the predominant use of the asset. In cross-border projects, transfer pricing and withholding taxes on royalties or intra-group services may also come into play.
Data centers have thus become a new pillar of the real estate market, and their growth seems unstoppable.
However, they also represent a multidimensional legal challenge, requiring the anticipation of risks, coordination across disciplines, and adaptation of legal and tax structures to a business model that is still evolving.
In this context, specialized legal advice—capable of integrating real estate, urban planning, energy, technology, and tax law—will be key to turning a real estate opportunity into a solid and sustainable long-term investment.
Eduardo García Vasco
https://www.manubens.com/
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