Blackstone’s AirTrunk Taps Banks for Potential $1.5B Singapore REIT IPO

Blackstone’s AirTrunk data centre platform is moving ahead with plans for a Singapore-listed REIT, with market sources indicating that the IPO could raise $1.5 billion and value the trust at roughly $2.5 billion.

People familiar with the process told Mingtiandi that AirTrunk is working with banks including DBS, Citigroup and Jefferies on the proposed listing, which is targeted for the second half of this year. The vehicle is expected to be backed by a portfolio of hyperscale assets across Asia Pacific, positioning the offering among the region’s largest digital infrastructure listings.

A market source noted that after teaming up with the Canada Pension Plan Investment Board to acquire AirTrunk in a $16 billion deal in 2024, Manhattan-based Blackstone has further expanded the platform’s regional portfolio and is likely looking for an exit.

The prospective IPO would form part of a resurgence in Singapore REIT listings, coming about a year after Japan’s NTT raised $773 million by listing NTT DC REIT on the SGX. AirTrunk had no comment when contacted by Mingtiandi.

Emerging Hub

The planned IPO was reported Thursday by Bloomberg and would position Singapore as an increasingly important hub for fund managers seeking to monetise real estate and infrastructure assets via public markets, following a wave of proposed and completed listings in the city-state.

Recent examples include a planned vehicle backed by JD Property, Partners Group and EZA Hill, alongside UI Boustead REIT’s March debut and 2025 listings NTT DC REIT and Centurion REIT, highlighting a growing pipeline of sponsor-backed vehicles. Singapore IPOs raised $1.9 billion last year and $829 million in the first quarter of 2026, according to Bloomberg data.

Sydney-based AirTrunk’s proposed REIT would add a large-scale digital infrastructure play to that pipeline, offering investors exposure to hyperscale facilities across key regional markets.

The listing push follows Blackstone’s acquisition of AirTrunk 16 months ago alongside CPPIB in a deal valued at $16 billion, including debt. At the time, AirTrunk comprised an 800-megawatt portfolio of 11 data centres in Australia, Hong Kong, Japan, Malaysia and Singapore, plus land to support more than 1 gigawatt of future growth.

In 2021, US data centre giant Digital Realty raised $977 million in gross proceeds from the IPO of Digital Core REIT on the SGX, helping fortify the city-state’s status as a digital infrastructure hub.

Recent Expansion

Since the AirTrunk acquisition, Blackstone has continued to support the platform’s expansion, funding new developments and capacity growth across Asia Pacific.

AirTrunk last month marked a decade in Singapore with the opening of a new regional headquarters as it deepens its presence in Southeast Asia’s key digital infrastructure hub. The company said its Singapore platform now supports 180MW of IT load, underpinned by multi-billion-dollar investments and green financing initiatives tied to its second facility in the city-state.

The operator has also expanded its corporate footprint in Japan, opening a new Tokyo headquarters to support growth in one of its fastest-growing markets and reinforce its commitment to the country’s role as a regional hub for AI and cloud infrastructure.

Alongside that push, AirTrunk secured a record $1.2 billion green loan to refinance and expand its flagship TOK1 campus in Tokyo, the largest data centre financing ever completed in Japan. The funding will support additional capacity at a site designed to scale beyond 300MW, reflecting surging demand from hyperscale customers.

AirTrunk is also growing its Japan pipeline with plans to develop a second Osaka hyperscale data centre, part of a broader investment programme that will lift its total capacity in the country to 530MW across four campuses as it targets long-term growth in AI-driven compute demand. 

In Australia, the company has continued to grow its home-market business, announcing a second hyperscale campus in Melbourne to boost capacity and meet rising demand for cloud and AI workloads, further cementing its position as a leading regional operator.

Note: This article has been updated to reflect that AirTrunk had no comment.