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(Bloomberg) — Blue Owl Capital’s data center firm Stack Infrastructure Inc. is seeking an A$8.5 billion ($5.9 billion) syndicated loan to fund its latest project in Melbourne, according to people familiar with the matter, in what could be one of the largest such financings to the sector in Australia.
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Proceeds raised will back Stack Infrastructure’s third data center in Melbourne, the people said, who asked not to be identified discussing private matters. Talks with banks are still at an early stage and the details may change, they added.
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A representative for both Blue Owl and Stack Infrastructure declined to comment.
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Australia is emerging as one of the most attractive markets in Asia Pacific for data centers, in part due to its massive land area, as well as abundant renewable energy resources, a stable political environment and strong connectivity to the region through low-latency submarine cables. The sector’s investment pipeline is expected to exceed A$155 billion, equivalent to 5.6% of Australia’s annual gross domestic product, according to Westpac Banking Corp.
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Beyond mounting concerns about the billions of dollars being raised to fund the data center boom, Australia is also among a growing number of countries seeking to regulate artificial intelligence without stifling innovation. The government is looking to impose environmental and energy controls on the country’s data center investment pipeline, which Prime Minister Anthony Albanese has said would be the first in the world.
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Stack Infrastructure’s latest borrowing comes on the heels of another multibillion loan for Blackstone’s AirTrunk Pty. in Sydney. Separately, the company is also mulling a sale of assets in Australia, Japan and Malaysia that could be valued at more than $30 billion.
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Stack Infrastructure operates data centers in cities across the Americas, Europe and Asia, including Sydney and Melbourne in Australia, according to its website. Alternative asset manager Blue Owl acquired the operator as part of its takeover of IPI Partners LLC last year.
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—With assistance from Nabila Ahmed and Kat Hidalgo.
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