ASX-listed data centre operator Macquarie Technology Group has struck a deal to buy a Sydney data centre campus at Macquarie Park it now leases, for $174 million, as it looks to take control of its facilities amid the growing demand for data storage from cloud computing and the take-up of artificial intelligence.

Highlighting the strength of the data centre sector and demand for these specialist assets, the acquisition of the Intellicentre Campus from Singapore-listed real estate investment trust Keppel DC REIT was struck on a yield of just 3.6 per cent – 75 basis points below the official cash rate – and at a 35 per cent premium to the campus’ June 30 valuation of $128.5 million.