Blackstone’s AirTrunk seeks S$1.6 billion loan for Singapore IPO
The proposed offering will be a key test for data centre financing in Asia
Add BT as a preferred source
[SINGAPORE] AirTrunk, a data centre operator owned by Blackstone, is in talks with banks to borrow about S$2 billion (US$1.6 billion) to help finance the public listing of a real estate investment trust (Reit) backed by its assets, according to people familiar with the matter.
The company has sent requests to lenders seeking several tranches of debt ranging from three to seven years in Singapore dollars and yen, said the people, who asked not to be identified discussing private talks.
The loan, raised by the Reit, will likely be used to acquire assets from AirTrunk and refinance existing debt, they said, adding that terms have not been finalised and could still change.
Representatives for AirTrunk and Blackstone declined to comment.
The proposed Reit initial public offering in Singapore will be a key test for data centre financing in Asia, where banks are hitting their sector limits and becoming more selective about which projects they lend to.
Data centre loans in the region have surged to nearly US$29 billion since the start of 2025, according to data compiled by Bloomberg.
As demand continues to grow, bankers are devising new ways to free up balance sheets for further lending such as through asset-backed bonds, which AirTrunk is also exploring.
With the IPO, AirTrunk can shift some of its assets into the Reit and raise capital from a wider pool of investors.
AirTrunk has been one of the region’s more aggressive borrowers, having secured billions for data centre build outs including a recent US$2.3 billion green loan for a facility in Malaysia.
SEE ALSO
But its backing from Blackstone means many banks are still willing to extend debt even as they reject smaller, lesser-known operators, the people familiar said.
AirTrunk is close to filing confidentially for the Reit IPO, people familiar with the matter said in June.
Earlier in the year, other people had said that it may raise about US$1.5 billion in the offering. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
