SYDNEY, September 04, 2024–(BUSINESS WIRE)–Multiple funds managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities and Blackstone’s private investment strategy for individual investors, together with Canada Pension Plan Investment Board (“CPP Investments”), have entered into a definitive agreement to acquire AirTrunk, the leading data centre platform in the Asia Pacific region, from Macquarie Asset Management and the Public Sector Pension Plan Investment Board for an implied enterprise value of over A$24 billion.1This is Blackstone’s largest investment in the Asia-Pacific region. The transaction is subject to approval by Australia’s Foreign Investment Review Board.
AirTrunk is the largest data centre platform in the Asia Pacific region, with significant presence in Australia, Japan, Malaysia, Hong Kong and Singapore. It has over 800MW of committed capacity for its customers, and its land holdings can support future growth in the region to 1GW.
Jon Gray, Blackstone’s Chairman and Chief Operating Officer, said, “We see Blackstone at its best when we are able to leverage our global platform to capitalize on the theme that has our strongest traction. AirTrunk represents another critical milestone for Blackstone as it seeks to become the leading global investor in digital infrastructure across the ecosystem, including data centers, energy and related services.”
Sean Klimczak, Global Head of Blackstone Infrastructure and Nadeem Meghji, Global Co-Head of Blackstone Real Estate, added: “Digital infrastructure is experiencing unprecedented demand, driven by the AI revolution and the broad digitalization of the economy. Prior to AirTrunk, Blackstone’s portfolio included $55 billion of data centers, including facilities under construction, and over $70 billion in prospective development pipeline. We look forward to partnering with AirTrunk’s outstanding management team to further accelerate its growth.”
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Robin Khuda, Founder and CEO of AirTrunk, said: “This transaction demonstrates the power of the AirTrunk platform in a high-performing sector as we capture the next wave of growth in cloud services and AI and support the energy transition in Asia Pacific. We look forward to working with Blackstone and CPP Investments and benefiting from their scaling capital, sector expertise and valuable network in local markets, all of which will help support AirTrunk’s continued expansion.”
Over the next five years, approximately $1 trillion in capital expenditures are expected to build and facilitate new data centers, as well as $1 trillion in capital expenditures outside the United States. Blackstone is benefiting from this momentum as a leading global investor in data centers. Blackstone has invested in both debt and equity in other data center companies, including as an owner of QTS, the world’s fastest-growing data center company, Coreweave and Digital Realty. Blackstone is also focused on addressing the needs of the energy sector in a variety of ways, having invested in power and utility companies such as Invenergy, the largest independent developer of renewable energy in the United States.
About Blackstone
Blackstone is the world’s leading alternative asset manager. We seek to deliver compelling returns to institutional and individual investors by strengthening the businesses in which we invest. Our assets under management of over $1 trillion involve global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. More information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter) and Instagram.
1This includes capital expenditure for committed projects.
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