Blackstone-backed data center operator AirTrunk is negotiating a S$2 billion ($1.6 billion) loan to support its planned Singapore IPO of a real estate investment trust backed by its assets.
AirTrunk is in advanced discussions with multiple banks to secure the financing ahead of the public listing, according to sources familiar with the negotiations.
The loan would provide capital to fund the REIT structure, which will be backed by AirTrunk's data center portfolio. The Singapore listing represents a major expansion for Blackstone's data center business, capitalizing on growing demand for cloud infrastructure and AI computing resources across Asia-Pacific.
Data centers have become a key investment focus for major asset managers amid surging power requirements from artificial intelligence and cloud services. Blackstone acquired AirTrunk in 2011 and has since grown it into a significant regional operator with facilities across multiple Asian markets.
The IPO size and timing have not been finalized. The transaction follows a broader trend of infrastructure-focused REITs seeking public markets to fund expansion and provide liquidity to institutional investors.
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