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Blackstone-backed data centre operator AirTrunk is preparing to launch a Singapore real estate investment trust (REIT) IPO in September or October, aiming to raise around USD 1.5 billion, according to sources. The company has reportedly filed confidentially for the listing and has begun discussions with potential cornerstone investors. The proposed listing comes as investor interest in data centre assets continues to grow, driven by rising demand from cloud computing and artificial intelligence. However, the final timeline and deal size may change depending on market conditions.
Blackstone-backed data centre operator AirTrunk is preparing to launch an initial public offering (IPO) of a Singapore real estate investment trust (REIT) in September or October, with the proposed offering expected to raise around USD 1.5 billion, according to people familiar with the matter.
Sources said the company has already submitted a confidential filing for the proposed Singapore listing and has started meeting potential cornerstone investors ahead of the IPO. These investors typically commit to subscribing to a significant portion of shares before the public offering, helping build confidence in the issue.
The proposed REIT listing comes at a time when investor interest in data centre assets continues to increase globally. Growing demand for cloud computing services and the rapid expansion of artificial intelligence applications have driven higher investments in digital infrastructure, making data centres one of the fastest-growing segments within the real estate investment market.
According to the sources, the final size of the IPO and its launch schedule remain subject to market conditions and could change before the offering is officially announced. AirTrunk did not immediately respond to Reuters' request for comment on the reported plans.
AirTrunk operates hyperscale data centres across the Asia-Pacific region, serving major cloud service providers and enterprise customers. The company has expanded its presence in key markets including Australia, Japan, Singapore, Hong Kong and Malaysia, reflecting the region's growing demand for digital infrastructure.
The planned IPO follows Blackstone and the Canada Pension Plan Investment Board's acquisition of AirTrunk in 2024. The transaction valued the company at more than AUD 24 billion, equivalent to about USD 16.77 billion, making it one of the largest data centre acquisitions globally. Since then, the company has continued to strengthen its position in the Asia-Pacific data centre market as demand for high-capacity digital infrastructure continues to rise.
Source Reuters
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