DataBank, a DigitalBridge Group (NYSE: DBRG) portfolio data center company, announced a $2.0 billion equity raise led by AustralianSuper, Australia’s largest superannuation fund, which committed nearly $1.5 billion. Upon closing of the transaction, AustralianSuper will become a significant minority owner of DataBank and will join the company’s board of directors.
DataBank says that proceeds from the raise will be used to finance growth across the company’s footprint of more than 65 data centers in over 27 markets, including the three new campuses announced in the past year: a 480 MW campus in south Dallas, a 192 MW campus in Culpeper, VA, and a 120 MW campus in Atlanta. Those sites, as well as expansions in other markets, will add more than 850 MW of power to DataBank’s portfolio, more than tripling its existing 330 MW of power deployed, and enabling it to meet escalating demand for AI, hyperscale cloud, enterprise and large technology workloads.
“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,” comments Raul Martynek, DataBank CEO.
The company said the capital raise was oversubscribed. In addition to the $1.5 billion from AustralianSuper, another $483 million in commitments came from existing investors. The investment in DataBank is AustralianSuper’s first in the U.S. data center market and the second alongside DigitalBridge. The transaction is expected to close by the end of 2024, subject to customary closing conditions.
With this transaction, DataBank has raised more than $4.0 billion in debt and equity over the past 12 months, including a $725 million credit facility announced in April 2024, a $456 million securitization completed in February 2024, a $345 million construction loan signed in November 2023, and a $188 million equity investment completed in November 2023.
By John Celentano, Inside Towers Business Editor
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