Australasian real estate fund manager Centuria Capital Group is set to acquire a 50 percent stake in cloud data center provider ResetData for up to $21 million.

Centuria said it will expand the group’s revenue stream into a new business line that aims to profit from the global growth in AI and data storage.

As part of the transaction, ResetData will enter a ten-year lease for up to 1.5MW of capacity in the Centuria-managed 818 Bourke Street located in Melbourne. The premises will become an AI-inferencing, high-density data center.

ResetData uses liquid immersion cooling (LIC) technology for its data centers, which provides a smaller footprint and less energy consumption, according to the company.

Its 2.4 sqm LIC pod is said to produce 140kW, meaning 100 sqm of whitespace within an office could potentially house up to 1.5MW of capacity.

The data center provider added that its LIC system has zero water waste and a 31 percent reduction in carbon costs.

Jason Huljich, co-CEO at Centuria, said: “Centuria’s investment in ResetData enables the Group to unlock value from vacancies within our office portfolio by establishing a network of Edge data centers that can service tenants as well as other businesses in proximity.”

Bass Salah and Marcel Zalloua, ResetData joint CEOs, added: “This is an exciting opportunity to partner with a leading $21 billion Australasian real estate funds manager, which provides the means to scale our new generation data center offering throughout Australia and New Zealand."

ResetData currently has ongoing partnerships with Nvidia, Submer, Unicom Engineering, and Dell to provide capabilities for LIC technology.

Centuria Capital Group’s industrial property investment branch, Centuria Industrial REIT, purchased its second data center last month.