We present the results of a multiwavelength campaign of FRB20201124A, the second closest repeating fast radio burst recently localized in a nearby (z=0.0978) galaxy. Deep VLA observations led to the detection of a quiescent radio emission, also marginally visible in X-rays with Chandra. Imaging at 22 GHz allowed us to resolve the source on a scale of $gtrsim 1$ arcsec in a direction tangential to the center of the host galaxy and locate it at the position of the FRB, within an error of $0.2$ arcsec. EVN and e-MERLIN observations sampled small angular scales, from 2 to 100 mas, providing tight upper limits on the presence of a compact source and evidence for diffuse radio emission. We argue that this emission is associated with enhanced star formation activity in the proximity of the FRB, corresponding to a star formation rate of $approx 10 {rm M}_odot {rm yr}^{-1}$. The surface star formation rate at the location of FRB20201124A is two orders of magnitude larger than typically observed in other precisely localized FRBs. Such a high SFR is indicative of this FRB source being a new-born magnetar produced from a SN explosion of a massive star progenitor. Upper limits to the X-ray counterparts of 49 radio bursts observed in our simultaneous FAST, SRT and Chandra campaign are consistent with a magnetar scenario.
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