PGIM has purchased a 20.7-hectare (51-acre) site in a suburb of Melbourne, Australia, with plans to invest A$1.2 billion ($850 million) into a new data center development.
While the purchase price of the property has not been disclosed, reports suggest PGIM paid around A$8 million ($6 million) per hectare, or A$165.6 million ($118 million) for the entire site. This deal comes while demand for digital infrastructure in Melbourne is quickly growing.
The firm is also in talks to purchase another data center site near Melbourne, but details have yet to be finalized.
