Goodman Raises $2.5 Billion for Data Centers to Tap AI Boom (1)

Australia’s Goodman Group plans to raise A$4 billion ($2.5 billion) via a share placement to develop a global network of data centers, as the march of AI drives demand for more facilities.

The property firm plans to raise the capital through a fully underwritten institutional placement, it said in a statement Wednesday. It will also undertake a non-underwritten security purchase plan for shareholders to raise as much as A$400 million.

The increasing use of machine learning and cloud-based technologies is fueling the need for power and storage sites. Goodman is tapping investors to fund new data-center development projects stretching from ...