Magnora enters Norwegian data centre market with Storespeed acquisition

Magnora ASA has acquired a majority stake in Storespeed AS, a Norwegian data centre operator, in partnership with Blix Group AS, to enter the data centre market. Magnora will own 75% of Storespeed, with Blix Group holding 5% and existing founders 20%. Storespeed operates a co-location data centre in Halden, Norway, with an installed capacity of approximately 1 MW and potential expansion to 5 MW. The investment includes a limited financing facility for sales, marketing, and project development.

This strategic move leverages Magnora's expertise in real estate and site development, aligning with its asset-light strategy of selling projects at or before the ready-to-build stage. Storespeed's facilities, operational since the mid-2000s, are positioned to capture growth opportunities in the Nordic data centre landscape, driven by AI and digitalization. Future data centre projects may require contributions of new renewable electricity, an area where Magnora’s existing assets provide a competitive advantage.

Magnora emphasizes its role in developing data centre-ready properties and aims to continue pursuing strategic partnerships and acquisitions in this growing sector. The transaction is subject to pending closing conditions.