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Blackstone’s Australian data centre operator AirTrunk mulling Singapore REIT IPO — Bloomberg
https://www.theedgesingapore.com/ne...operator-airtrunk-mulling-singapore-reit-ipo-
(Dec 29): AirTrunk, the Australian data-centre operator that Blackstone Inc bought in a record 2024 deal, is considering options including a potential real estate investment trust (REIT) listing in Singapore, people familiar with the matter said.
AirTrunk has held initial discussions with prospective advisers about a possible REIT initial public offering (IPO) that could raise more than US$1 billion ($1.29 billion), according to the people, who asked to not be identified because the information is private. A listing could take place as soon as 2026 if it decides to go ahead, they said.
Blackstone and Canada Pension Plan Investment Board acquired AirTrunk for A$24 billion, eclipsing the US alternative asset manager’s previous record Asia-Pacific deal — an A$8.9 billion takeover of Crown Resorts Ltd in 2022. AirTrunk is the region’s biggest operator of data centres, with a presence in Australia, Hong Kong, Japan, Malaysia and Singapore.
A potential REIT listing of AirTrunk assets comes as a growing number of companies and investors plow money into data centres to power what’s expected to be huge demand for artificial intelligence technology. Hundreds of billions of dollars are expected to be spent on data centre leases as companies seek computing power to build out the AI models they believe will reshape the global economy.
Deliberations about the potential IPO are ongoing, and the size and structure of any deal could change, the people said. AirTrunk may also decide against pursuing a listing, they said. Representatives for Blackstone and CPPIB declined to comment. AirTrunk couldn’t immediately be reached for comment outside regular business hours in Australia.
Singapore is a major hub for REITs, which make up about 10% of its stock exchange’s market capitalisation. This year it hosted its biggest listing in eight years — the US$773 million IPO of a data centre REIT backed by Japan’s NTT.
