Blackstone’s AirTrunk plans its first data centre-backed bond

[SYDNEY/SINGAPORE] Blackstone-owned data centre operator AirTrunk is looking to raise at least A$500 million (S$456 million) through asset-backed bonds, according to sources familiar with the matter, in what may be one of Asia’s first in the sector.

The Sydney-headquartered company is planning to launch the bond in the second half of the year to refinance existing bank loans, one of the sources said, who asked not to be identified discussing private matters. The firm has held meetings locally and outside Australia to shore up investor interest, the sources said, adding that it appointed Deutsche Bank to lead the transaction.

Spokespeople for AirTrunk, Blackstone and Deutsche Bank declined to comment.

AirTrunk’s plans come as credit investors continue to pour billions of US dollars into artificial intelligence and the data centres required to power it. Asia-Pacific is set to become the next global hub for the sector, with approximately US$800 billion in investment expected across the region by 2030, according to a February 2026 report by Deloitte.

That rapid growth has fanned concerns of a credit-fuelled AI and data centre bubble as new companies and investors rush to take advantage of the demand for computing and data consumption.

AirTrunk has been on a fundraising and acquisition spree as it looks to expand in the region.

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On Monday (Apr 20), the data centre operator announced it is acquiring Lumina CloudInfra to boost its presence in India. It is also planning a real estate investment trust listing in Singapore to raise as much as US$1.5 billion. In March, the company secured a 191.6 billion yen (S$1.5 billion) green loan, one of the largest financings in the AI infrastructure sector in Japan.

Luke Stephens, the company’s treasurer, said last year that the firm was considering asset-backed bonds, among other options, to fund growth.

AirTrunk operates data centres in Australia, Hong Kong, Japan, Malaysia and Singapore. Blackstone and Canada Pension Plan Investment Board acquired the company for A$24 billion in 2024. BLOOMBERG