DBS, Citigroup to help Blackstone’s AirTrunk list Singapore Reit: sources

[SINGAPORE] AirTrunk, the data centre operator Blackstone bought in 2024, has picked banks for a real estate investment trust (Reit) listing in Singapore that may raise about US$1.5 billion, according to people familiar with the matter.

Citigroup, DBS Group Holdings and Jefferies Financial Group will help the Australian company to prepare for the initial public offering, the people said, asking not to be identified because the information is private. The IPO might take place as soon as this year, they said.

The plan comes as companies and investors increasingly direct money towards data centres as demand for artificial intelligence technology booms.

Considerations are ongoing and details like the size and timing of an IPO may change, while other banks could also be added, the people said.

A representative for AirTrunk did not have any immediate comment. Blackstone, Citi, DBS and Jefferies declined to comment.

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 (S$21.2 billion). BLOOMBERG