Blackstone weighs AirTrunk asset spin-off
Blackstone is considering introducing new investors into AirTrunk’s operating assets including a landmark facility in Melbourne.
With partner Canada Pension Plan Investment Board, the firm is understood to be preparing a Singapore-listed real estate investment trust backed by a portfolio of mature operating data centres.
The filing has been submitted confidentially.
The move would not involve a sale of AirTrunk; Blackstone is instead considering separating completed, income-producing data centres while retaining ownership of the platform and its development pipeline.
The news comes a week since realestatesource.com.au reported the data centre giant was buying a Mickleham, Melbourne, site with plans for a data centre campus.
That land cost c$350 million.
Asian capital
Blackstone bought AirTrunk in 2024, valuing the business at more than $24 billion – then the firm’s largest Asia Pacific investment.
The company was founded in 2015 by Robin Khuda, now chief executive officer.
The proposed Singapore listing would be notable given AirTrunk is headquartered in Sydney and has its origins in the Australian market.
Singapore has become a key venue for digital infrastructure investors, with a specialist investor base familiar with data centres and a number of listed vehicles focused on the sector (continues below).
The move also accesses Asian capital pools when demand for hyperscale data centres is booming driven by cloud computing and artificial intelligence investment.
Mr Khuda has been co-investing in property development via two companies, Onterra, which backs commercial and industrial, and Ondas, for residential.
What is expected
The vehicle is expected to include four assets – one in Australia, the MEL1 campus in Melbourne’s Derrimut, on Swann Drive.
Spanning 8.8 hectares, with more than 185 megawatts of capacity, it includes 32,000 square metres of technical data centre space – with 34 halls – and 12,600 sqm of offices and storage, backed by high-voltage 66kV power feeds.
The other facilities are in Hong Kong, Japan and Singapore.
The float is tipped to raise about $2.3b (US$1.5b), valuing the initial portfolio at up to $6.7b (US$4.4b).
Blackstone and CPPIB are expected to retain about 50 per cent of the trust while continuing to manage the assets.
Investor marketing commenced through Citi, DBS and Jefferies, sources say, ahead of a September pricing and October listing.
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