PGIM’s real estate division has acquired a 20.7-hectare site in Melbourne to develop a data center campus, marking the latest move by global investors capitalizing on Australia’s AI infrastructure boom.
The purchase, made through PGIM’s Global Data Center Fund (GDCF), will involve an investment of A$1.2 billion ($850 million) in the first of three planned phases, according to a PGIM statement on Wednesday. The company did not disclose the purchase price.
Australia has emerged as the third-largest destination for AI investment, trailing only the US and China, the Commonwealth Bank of Australia said this week. With major players like OpenAI and Amazon.com Inc. committing to significant projects, the country’s deployable data center capacity is expected to more than double to 3.1 gigawatts by 2030, according to forecasts by Mandala Partners.
“Demand for digital infrastructure remains strong, with many leading hyperscalers planning to develop or lease substantial capacity in and around Melbourne,” said Morgan Laughlin, global head of data center investments for PGIM’s real estate business.
The GDCF is focused on building a geographically diversified portfolio of data centers, with investments spanning North America, Europe, and the Asia Pacific region.
