Blackstone-backed data centre operator AirTrunk is reportedly preparing to launch a Singapore-listed real estate investment trust in September or October, aiming to raise approximately US$1.5 billion.
People familiar with the proposed transaction said AirTrunk has already submitted confidential documents for the listing and begun discussions with prospective cornerstone investors. These large institutional investors typically commit funds before an IPO is formally opened to the wider market.
The planned offering would give investors exposure to data centre properties benefiting from rapidly expanding demand for cloud-computing infrastructure and artificial intelligence services.
However, the proposed fundraising amount and launch schedule have not been finalised. Both could be adjusted depending on market conditions and investor demand closer to the listing date.
The sources requested anonymity because the IPO preparations remain private. AirTrunk declined to comment on the reported plans when contacted by Reuters on Thursday, July 16.
AirTrunk operates major data centre facilities across the Asia-Pacific region, including Australia, Singapore, Hong Kong and India.
Blackstone and the Canada Pension Plan Investment Board agreed to acquire AirTrunk in 2024 in a transaction that valued the company at more than A$24 billion, equivalent to approximately US$16.8 billion.
A successful AirTrunk REIT listing would represent a significant addition to Singapore’s capital market and underline the growing appeal of data centres as infrastructure assets. Investor interest in the sector has increased as technology companies require more computing capacity to support artificial intelligence, digital services and cloud platforms.
Singapore is considered an important financing centre for AirTrunk because of its established REIT market, access to international investors and position as a regional technology and financial hub.
The proposed IPO could become one of Singapore’s largest listings in recent years, although its final structure, valuation and portfolio of data centre assets have yet to be publicly confirmed.
