AirTrunk, the Asia-Pacific data center operator owned by Blackstone, is in talks with banks to borrow about S$2 billion ($1.6 billion) to help prepare for the public listing of a real estate investment trust backed by its assets. The company has sent requests to lenders for several tranches of debt ranging from three to seven years, denominated in Singapore dollars and yen.
Lenders not yet disclosed; terms have not been finalized and could still change.
The loan proceeds are expected to be used to acquire assets from AirTrunk for the REIT and refinance existing debt, positioning the Blackstone-owned operator for a Singapore public listing similar to the wave of data center REITs other major owners (including Blackstone's own U.S. platform) have pursued. A successful listing would give AirTrunk, one of the largest data center operators in the Asia-Pacific region, direct access to public capital markets to fund its continued regional expansion.