Real estate services giant CBRE Group Inc. has agreed to acquire London-based data center infrastructure specialist Onnec in a deal worth up to £760 million ($1 billion), strengthening its push into a fast-growing sector where demand for computing capacity is increasingly outpacing supply.

Announced Tuesday, the transaction combines an initial purchase price of £460 million with a potential additional £300 million in multiyear earnout payments, contingent on Onnec achieving specified growth targets.

The acquisition, guided by Simpson Thacher & Bartlett LLP and A&O Shearman for CBRE, would expand the company's infrastructure services operations as data centers become increasingly critical to the digital economy. Freshfields LLP is advising Onnec.

CBRE Structures £760 Million Acquisition Around Growth Targets

Under the agreement, CBRE will pay £460 million upfront, with a further £300 million available if Onnec reaches agreed performance thresholds over several years.

The structure ties part of the purchase price to the company's future growth, allowing CBRE to pursue the acquisition while linking additional payments to Onnec's performance.

London-based Simpson Thacher & Bartlett is advising CBRE through a team led by partners Clare Gaskell and Étienne Renaudeau. A&O Shearman is also providing counsel, with partners Gordon Bartlett and Eimear Coady leading its team. Freshfields is representing Onnec.

The transaction remains subject to customary regulatory approvals. CBRE expects the deal to close toward the end of 2026.

Founded in 1986, Onnec specializes in designing, deploying and maintaining network systems, fiber infrastructure and data center facilities. Its technical capabilities are expected to complement CBRE's existing real estate and infrastructure services businesses.

Onnec Expected to Generate £370 Million in 2027 Revenue

CBRE expects Onnec to produce approximately £370 million in revenue and more than £50 million in core earnings in 2027.

The acquisition is also expected to support the expansion of CBRE's critical infrastructure services business, which the company projects will generate $4.5 billion in revenue that year.

Across its broader infrastructure services operations, CBRE anticipates revenue approaching $7 billion in 2027. That projection excludes income from periodic sales of data center land through its development business.

The numbers illustrate the scale of CBRE's ambition: the company is seeking to build an infrastructure platform that extends beyond traditional property services into the technical systems powering modern digital operations.

Vikram Kohli, CBRE's chief operating officer, said the company was pursuing a clear plan to establish a global infrastructure services business alongside its real estate operations.

He described Onnec as an “excellent fit in this strategy.”

Data Center Demand Continues to Outrun Available Supply

The CBRE £760M Onnec buy comes as the data center industry faces a growing mismatch between demand for digital infrastructure and the capacity available to support it.

In a January report, CBRE projected that demand for U.K. data centers would exceed supply for the fifth consecutive year in 2026. London was also expected to surpass 200 megawatts of data center capacity for the first time that year.

The pressure is not confined to Britain. In an August report, CBRE found that new data center construction across eight major U.S. markets increased by nearly 25% during the first half of 2026.

Yet available grid capacity across those markets remained below 1,500 megawatts — equivalent to roughly six months of supply for the eight markets, according to the company.

The imbalance highlights a central challenge for the sector: building data centers is not simply a matter of constructing facilities. Operators also need sufficient power, network connections and specialized infrastructure to bring them online and keep them running.

Onnec's expertise in network, fiber and data center infrastructure positions it within this wider expansion, while CBRE's acquisition would broaden its ability to serve customers investing in digital capacity.

U.K. Data Centers Deliver Billions to the Economy

The sector also represents a significant economic force in Britain. Data centers contributed an estimated £4.7 billion to the U.K. economy in 2024, according to the Office for National Statistics.

As businesses and digital services demand more computing power, infrastructure providers face pressure to expand facilities and maintain the systems connecting them. CBRE's planned purchase of Onnec reflects a strategy to capture more of that activity by combining real estate expertise with specialized infrastructure services.

If completed as expected at the end of 2026, the acquisition would give CBRE a broader presence in a market where the race to build digital capacity is increasingly constrained by the availability of power and supporting infrastructure.

For CBRE, the deal is more than a property-sector expansion. It is a move toward the technical backbone of the digital economy, with future growth targets helping determine how much the company ultimately pays for Onnec.