Macquarie Capital buys into Zerra after $30B Queensland data centre deal

What's the deal? Macquarie CapitalDealroom has a profile for this one. Try Dealroom → has taken a stake in Singapore-based data centre developer Zerra DCDealroom has a profile for this one. Try Dealroom →, expanding its bet on artificial intelligence infrastructure. The move comes weeks after the two partnered on a $30 billion Queensland project anchored by Anthropic. Macquarie declined to disclose the size or value of its investment.

Why now? Macquarie had assessed Asia-Pacific platforms for some time but struggled to find one combining a ready pipeline with an experienced team. "Some have had projects but not a team. Some have had a team but no projects," said Ivan Varughese, its Asia-Pacific head of infrastructure.

What convinced them? Working alongside Zerra on the Western Downs project gave Macquarie a close-up view before investing in the whole platform. "The validation was they were able to secure an Anthropic lease, which is very hard to do as a first-time operator, first-time developer," Varughese said.

The investment gives Macquarie exposure to Zerra's broader Asia-Pacific business, including projects in Australia, Japan, and India. The developer has assembled a pipeline of more than 2 gigawatts of planned capacity, with sites in India and Tokyo alongside its Australian projects.

What's the endgame? Zerra was established by real assets manager AGP, which remains majority shareholder. Co-founder Kristian Steffensen said data centres are shifting from individual buildings towards larger campuses, raising the importance of capital and power. "We're really looking forward to giving the incumbents a real run for their money as we compete across various markets," he said. Grant SamuelDealroom has a profile for this one. Try Dealroom → advised Zerra on the deal.

The signal: Macquarie has backed Prime Data CentresDealroom has a profile for this one. Try Dealroom → in the US and remains an investor in Europe's KevlinXDealroom has a profile for this one. Try Dealroom →, while other parts of the group hold stakes in AirTrunk and Aligned Data CentresDealroom has a profile for this one. Try Dealroom →. Varughese argues its renewables track record translates directly: "A data centre, in one sense, is just another building." As AI drives demand for vast, power-hungry campuses, infrastructure financiers are moving deeper into the sector.

Read more: afr.com

Image credit: cellanr