# Vicálvaro, Madrid: 40 MW of power rights, then a sale to DAMAC’s Edgnex

> The same manager repeated the play in Vicálvaro, 15 km from central Madrid: it secured a site of about 22,000 m² in 2022, obtained **40 MW of power rights** (10 MW immediately, 30 MW by Q1 2026), and sold it in October 2024 to Edgnex, the data center arm of DAMAC, which announced a **€400 million** project for the first 40 MW. The land price was not disclosed.

Third-party precedent · Spain · Completed sale; operator developing · Pathway: Land and power assembled, then sold to an operator · Last checked 2026-10-13 · https://ampervia.com/case-studies/vicalvaro-madrid-powered-land/

## Timeline

| When | What happened |
|---|---|
| 2022 | ActivumSG Fund VII secures the site (about 22,000 m²; price not disclosed). |
| Before sale | 40 MW power rights secured: 10 MW immediately, 30 MW by Q1 2026. |
| Oct 2024 | Sold to DAMAC’s Edgnex; Edgnex announces €400m for the first 40 MW. |

## What changed between entry and exit

- Secured staged power rights before selling, so the buyer had a dated route to 40 MW.
- Sold to a new entrant to Europe that needed a ready platform in Madrid.

## Capital and counterparties

ActivumSG Fund VII through the power phase; DAMAC/Edgnex for the build.

## Economics

| Item | Figure | Note |
|---|---|---|
| Entry price (2022) | Not disclosed |  |
| Exit price (2024) | Not disclosed |  |
| Buyer’s announced investment | €400 million | Build cost for the first 40 MW, not seller proceeds |

## Risks and limitations

- Neither price is public: the case proves the pathway, not the return.
- Part of the power (30 MW) was scheduled for later delivery.

## Relevance to Ampervia

Staged power (some now, more on a date) is sellable. Buyers price a credible schedule, not only energised megawatts.

## Sources

- [Europe Real Estate — ActivumSG sells land in Madrid to Edgnex](https://europe-re.com/activumsg-sells-land-in-madrid-to-edgnex-for-data-centre-scheme-es/73591)
- [Capital & Riesgo — ActivumSG completes powered land sale to DAMAC](https://capital-riesgo.es/en/articles/activumsg-completes-spanish-powered-land-play-sale-to-damac-group-unlocking-a-400-million-investment-opportunity/)
- [DCD — Edgnex to develop 40 MW data center in Madrid](https://www.datacenterdynamics.com/en/news/damacs-edgnex-to-develop-40mw-data-center-in-madrid-spain/)
- [Iberian Property — DAMAC buys land in Madrid for €400m data centre](https://www.iberian.property/news/logistics/damac-group-buys-land-in-madrid-to-build-a-eur400m-data-centre/)