Macquarie Technology Group (ASX:MAQ) said a wholly-owned subsidiary in its data centers business exercised an option to purchase a 34,200-square-meter light industrial zoned development site in Sydney, New South Wales for a purchase price of AU$240 million, according to a same-day Australian bourse filing.

The company plans to build an engineering and technology campus co-located within an around 200 megawatts data center campus in Macquarie Park, per the filing. The proposed facility will be designed to incorporate advanced air cooling technology with limited water usage. The initial construction is estimated to be completed in late 2029, subject to planning and other approvals.

Completion of the deal is subject to standard settlement procedures and is expected to occur over the next few weeks.