AustralianSuper, a superannuation firm, provided $1.5 billion to the equity raise, securing minority ownership in DataBank as it plans to expand its data centre capacity.
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"We are delighted to have AustralianSuper join our investors," said Raul Martynek, DataBank's CEO. "Along with the continued support of our existing investors, it's a vote of confidence in our strategy and our proven ability to execute and scale the DataBank platform.”
DataBank already boasts 65 data centres but plans to add three new campuses in the US to add more than 850MW of power to its portfolio.
It’s building a 480MW campus in south Dallas, a 192MW campus in Culpeper, Virginia, and a 120MW campus in Atlanta to more than triple its existing 330MW of power deployed.
“This investment, and our new campuses, are a game-changer for DataBank and our customers, allowing us to bring this capacity to market now and seize the incredible opportunity ahead of us,” Martynek added.
AustralianSuper now holds a place on DataBank’s board of directors, with the transaction expected to close by the end of 2024.
AustralianSuper's investment in DataBank adds to its nearly $40 billion portfolio, which includes digital infrastructure assets across Europe, the Middle East, South America, and its native Australia.
"Our investment in DataBank comes at an exciting time in its growth trajectory with strong tailwinds across the sector, coupled with DataBank's ambitious expansion program and diverse business base," said Derek Chu, head of American real assets at AustralianSuper. "We're delighted to be helping DataBank, and its experienced leadership team, capitalise on the unprecedented demand for cloud and AI infrastructure.”
In addition to investment from AustralianSuper, existing investor DigitalBridge returned to back the data centre operator.
“DataBank's proven track record, expansion capacity, and strong leadership position it to take full advantage of the tremendous market opportunities in the US,” said Jon Mauck, senior managing director at DigitalBridge. “This investment highlights the resilience and long-term value of digital infrastructure as an asset class."
The latest equity round brings DataBank’s total capital raise to more than $4 billion in the past 12 months, having secured a $725 million credit facility in April, a $456 million securitisation in February as well as a $345 million construction loan and a $188 million equity investment, both of which were completed in November 2023.
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