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Investing.com-- Australia’s Macquarie Technology Group (ASX:MAQ) shares jumped on Monday after the company announced plans to acquire land in Sydney for a new data centre campus, expanding its capacity to meet growing demand for cloud and AI infrastructure.
The proposed A$240 ($157.6) million purchase, to be funded through cash reserves and debt, will allow the company to develop a campus capable of supporting over 150 megawatts of IT load, catering to hyperscale, government, and enterprise clients, the company said.
The site is near key infrastructure, including a major electricity substation, it added.
Shares of the company rose 8.2% to A$66.95 as of 01:56 GMT. They hovered just below a near four-month peak of A$67.81
Macquarie said the project aligns with its strategy to build urban data centres in high-demand locations. Construction is expected to begin in the coming years, with funding options under review.