Australian pension fund leads $2 bln DataBank raising amid AI frenzy (updated)

Digitalbridge

15/10/2024 23:29

(Updates with further details from paragraph 2)
       Oct 16 (Reuters) - U.S.-based data center developer
DataBank has raised nearly A$3 billion ($2.01 billion) in a bid
to build three planned facilities across the United States, with
pension fund AustralianSuper leading the raise. 
    AustralianSuper, the country's largest pension fund, on
Wednesday said it had committed A$2.2 billion to DataBank's
raising and would emerge as a minority owner of the U.S.-based
firm. The pension fund would also appoint a company's board
director. 
    The raising is the latest sign of growing investor appetite
in artificial intelligence, which in turn has resulted in a
boost for data centre proposals. 
    Deals in the data centre space have increased globally due
to the growing popularity of AI with Blackstone's  BX.N  A$24
billion acquisition of Australian AirTrunk in the spotlight. 
    DataBank's controlling investor, DigitalBridge  DBRG.N ,
which appoints a majority of the company's board, also
participated in the raising. 
    
                

($1 = 1.4916 Australian dollars)

 (Reporting by Sneha Kumar; Editing by Alan Barona)
 ((Sneha.Kumar@thomsonreuters.com))