Macquarie Technology Group has raised A$160m (€100m) in an institutional placement to invest in the next growth phase of its data centre business.

The ASX-listed company, until recently known as Macquarie Data Centres, said the capital was sourced from multiple new institutional shareholders to the company’s share registry and had increased its free float.

The group’s CEO David Tudehope, said funds raised from the placement would strengthen the company and enable it to invest and expand its data centre business to capitalise on cloud and AI megatrends.

“As our economy becomes more digitised, organisations are moving their data and applications to the cloud at a faster pace,” he said.

Macquarie Technology now has a market capitalisation of A$1.38bn and operates five data centres – three in Sydney, and two in Canberra.

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