Goodman Group, an Australian property and logistics company, announced plans to raise A$4 billion (US$2.54 billion) through a share placement, according to a regulatory filing on Feb.19.

The funds will support data centre and logistics expansion, as well as debt reduction.

The Sydney-based company will issue 119.42 million shares priced at A$33.5 (US$21.91) each.

Additionally, a security purchase plan worth A$400 million (US$250 million) will be available to existing investors.

The company currently operates 5 gigawatts of data centres across 13 cities. It plans to develop an additional 0.5 gigawatts by June 2025.