PGIM Buys Melbourne Data Center Site as Firms Target Australia

PGIM’s real estate arm has acquired a 20.7-hectare site in Melbourne for a data center campus, the latest global investor ramping up bets on Australia’s AI infrastructure boom.

The acquisition, made on behalf of PGIM’s Global Data Center Fund, will see A$1.2 billion ($850 million) invested in the first of three planned phases, according to a statement from PGIM on Wednesday. The company declined to disclose a purchase price.

Australia has become the third largest AI investment destination behind the US and China, Commonwealth Bank of Australia said this week. With the likes of OpenAI and Amazon.com Inc. committing ...