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AirTrunk appoints banks for Singapore REIT IPO expected to raise over USD 1 billion

#International News#Singapore
Last Updated : 8th Apr, 2026
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Synopsis

AirTrunk has initiated plans for a potential data centre REIT listing in Singapore and has appointed leading banks to manage the offering. The IPO is expected to raise over USD 1 billion, with some estimates indicating it could reach USD 1.5 billion. Backed by Blackstone and CPPIB, the company has rapidly expanded its data centre footprint across key Asia-Pacific markets. If completed, the listing could become one of Singapore's largest REIT IPOs in recent years, reflecting growing investor interest in digital infrastructure assets amid rising data consumption and cloud adoption.

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AirTrunk is preparing for a potential real estate investment trust (REIT) initial public offering in Singapore and has appointed banks, including Citigroup and DBS, to manage the transaction. According to sources familiar with the development, the proposed listing could raise more than USD 1 billion later this year.


Reports suggest that the IPO may target a fundraise of up to USD 1.5 billion, which would make it one of the largest listings in Singapore's REIT market in recent times. If achieved, the deal would surpass the USD 773 million raised by NTT DC REIT in the past year, highlighting the increasing scale of data centre-backed real estate offerings.

AirTrunk operates a portfolio of data centres across key Asia-Pacific markets, including Hong Kong, Japan, Malaysia and Singapore. The company has positioned itself as a major player in digital infrastructure, supported by strong demand from cloud service providers and enterprise clients.

The platform is backed by Blackstone, which, along with the Canada Pension Plan Investment Board, acquired AirTrunk in 2024 in a transaction that valued the business at approximately AUD 24 billion (around USD 16.6 billion). The acquisition marked one of the largest deals in the data centre sector globally and underlined institutional confidence in the asset class.

Companies involved in the transaction have not officially commented on the development. AirTrunk also did not respond to queries regarding the proposed IPO.

The potential listing comes at a time when Singapore continues to strengthen its position as a regional hub for data centres and REIT listings. Investor interest in digital infrastructure assets has grown steadily, driven by increasing data usage, cloud computing expansion and long-term demand visibility.

Source Reuters
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