CHICAGO – GEM Realty Capital (GEM) has agreed to sell its equity investment in Aligned Data Centers as part of a $40 billion acquisition by a consortium led by Artificial Intelligence Infrastructure Partnership (AIP), MGX Fund Management Limited (MGX), and BlackRock’s Global Infrastructure Partners (GIP), the firm announced on Thursday.
The transaction, one of the largest in the digital infrastructure sector this year, underscores the intensifying demand for data center assets driven by the artificial intelligence boom. GEM invested in Aligned in January 2025 through its tactical opportunities strategy.
“This transaction represents a tremendous outcome for GEM and our investors,” said Brad Caldwell, co-Chief Investment Officer, Public Markets at GEM. “We identified Aligned as a highly desirable operator in a rapidly growing sector.”
GEM’s investment was made via its GEM Realty Tactical Opportunities (GRTO) strategy, which targets non-controlling stakes in real estate aggregators and disruptors. The firm highlighted Aligned’s development pipeline and execution capabilities as key investment drivers.
“We seek to partner with leading operators who can scale efficiently to meet the exponential demand for data. Aligned exemplified these qualities,” Caldwell added.
The deal reinforces GEM’s focus on digital infrastructure, a pillar of its investment thesis that combines real estate fundamentals with technology-driven demand. GEM, headquartered in Chicago, manages approximately $6 billion in assets.
The consortium’s purchase signals continued robust institutional appetite for data center platforms essential to cloud computing and AI expansion. The transaction is expected to close subject to customary regulatory approvals.