CVC DIF has agreed to acquire a majority stake in firstcolo, a German data center operator based in Frankfurt, in a deal centered around the development of FRA7. The new campus in Rosbach vor der Höhe is designed to reach a total capacity of 24 MW, with up to 16 MW of IT load and densities of 200 kW per rack, reflecting how artificial intelligence is also transforming the physical architecture of data centers.
The key points of the CVC DIF-firstcolo deal in 20 seconds
- CVC DIF will purchase a majority stake in firstcolo from CUBE Infrastructure.
- Founders Jerome Evans and Nicolaj Kamensek will remain in leadership and retain shares.
- FRA7 involves an investment of approximately €250 million and a total capacity of 24 MW.
- The design supports liquid cooling and up to 200 kW per rack.
- The closing is expected by the end of September 2026.
The transaction is still subject to customary closing conditions. The purchase price and valuation of firstcolo have not been disclosed. The investment will be made through CVC DIF Value Add IV and will enable CUBE Infrastructure to exit as a majority shareholder.
firstcolo is not starting from zero. Founded in 2007, it currently operates two data centers in the Frankfurt region serving over 350 clients via colocation, dedicated servers, cloud, connectivity, and managed services. The company maintains an IP backbone network with over 2,000 Gbps capacity and employs around 80 staff members.
The arrival of CVC DIF introduces infrastructure capital at a time when AI growth is forcing a rethink of everything from electrical power to cooling in new data centers.
FRA7: 200 kW per rack signaling market direction
The most interesting element of this deal is FRA7, the data center initially started on June 15 in Rosbach vor der Höhe, north of Frankfurt. The company estimates the investment at around €250 million and confirms an approximate total capacity of 24 MW.
According to information provided during CVC DIF’s entry, up to 16 MW will be allocated to IT load.
But perhaps the most telling figure is another: up to 200 kW per rack.
A conventional enterprise data center doesn’t typically approach such densities. Large clusters of accelerators for AI training and inference may require dozens of kilowatts per rack and designs prepared for significantly higher densities than usual.
This directly impacts electrical distribution and especially cooling.
FRA7 will utilize liquid cooling technologies to support these high-density configurations. firstcolo explicitly mentions AI, high-performance computing (HPC), and cloud as the load types the center is being designed for.
The acquisition reflects a trend that is starting to differentiate current projects from those built a decade ago. Space and power are no longer enough: operators wishing to host AI infrastructure must prepare the electrical chain, cooling, and connectivity for much greater hardware concentrations.
Additionally, firstcolo states that the location, electrical supply, permits, and turnkey construction model for FRA7 are already secured. This reduces some of the usual risks associated with projects still in early development phases.
Germany also pushes for efficiency and waste heat reuse
The announced goal for FRA7 is to achieve a PUE (Power Usage Effectiveness) below 1.2. PUE compares the total energy consumed by a data center to the energy used directly by its IT equipment: the closer it is to 1, the lower the proportion of energy used for cooling, electrical distribution, and auxiliary systems.
In Germany, this indicator has become more than just a commercial metric.
The German Energy Efficiency Law (Energieeffizienzgesetz or EnEfG) mandates that data centers starting operations from July 1, 2026, must achieve an annual PUE of 1.2 or less, with specific conditions and compliance deadlines.
The legislation also introduces requirements related to energy reuse. New centers coming online after July 2026 must reuse at least 10% of their energy; this percentage increases to 15% from July 2027 and 20% from July 2028, with exceptions and specific conditions outlined.
This helps explain another aspect of the project.
firstcolo has reached an agreement with regional energy provider OVAG to supply electricity and enable the utilization of waste heat from the data center in regional heating networks.
This is not just an environmental add-on. Germany requires companies to avoid and reutilize waste heat when feasible, with specific legal provisions for data centers.
The combination of liquid cooling and thermal reuse could become even more significant with AI. As power density increases, so does the heat concentration to be managed, though converting that heat into useful energy depends on temperatures, infrastructure, distance to consumers, and economic viability.
CVC DIF aims to expand beyond FRA7
This acquisition doesn’t seem to be a one-building investment.
CVC DIF describes firstcolo as a platform within the FLAP-D market, an acronym grouping the major European markets: Frankfurt, London, Amsterdam, Paris, and Dublin.
FRA7 will serve as the initial major expansion platform, but firstcolo plans to explore new locations around Frankfurt and other German markets.
The founders will remain involved. Jerome Evans will continue as CEO and Nicolaj Kamensek as COO, with ongoing equity participation. Dennis Bergfeld will continue as CFO.
This continuity allows CVC DIF to inject capital without completely replacing the team the company has built since 2007.
CVC DIF manages approximately €23 billion in infrastructure assets, with investments spanning energy transition, transportation, utilities, and digital infrastructure. Being part of CVC gives the fund access to a significantly larger investment platform.
For firstcolo, the involvement of this new investor could provide the financial capacity to shift from regional data centers to a platform with more capital-intensive projects.
And FRA7 exemplifies the scale of this leap.
A project worth about €250 million, with 24 MW capacity, liquid cooling, and racks designed for 200 kW, represents a different generation of infrastructure compared to many traditional colocation centers.
AI is shifting some focus from mere square footage to megawatts available and kilowatts that can be concentrated and cooled per rack.
In Frankfurt, one of Europe’s key data center markets, firstcolo and CVC DIF are betting that this demand justifies a new phase of expansion.
Frequently Asked Questions
Who has bought firstcolo?
CVC DIF has agreed to acquire a significant majority stake in firstcolo from CUBE Infrastructure. The investment will be made through CVC DIF Value Add IV and is expected to close by late September 2026.
What capacity will FRA7 have?
FRA7 is designed for approximately 24 MW of total capacity and up to 16 MW of IT load. Its infrastructure can support configurations of up to 200 kW per rack with liquid cooling.
How much will it cost to build FRA7?
Firstcolo announced in June an approximate investment of €250 million for the Rosbach vor der Höhe project. Construction has already begun.
Why is FRA7 especially suited for artificial intelligence?
Because it combines high electrical availability, liquid cooling, and densities of up to 200 kW per rack. These features enable hosting GPU clusters and other high-density infrastructures for AI and high-performance computing.
