Alternative asset manager Blackstone, Inc. (BX) announced on Wednesday that it has entered into a definitive agreement to acquire AirTrunk, an Asia Pacific data center platform, from Macquarie Asset Management and the Public Sector Pension Investment Board for an implied enterprise value exceeding A$24 billion.
The transaction is contingent upon approval from the Australian Foreign Investment Review Board.
Funds managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners, Blackstone Tactical Opportunities, and Blackstone's private equity strategy for individual investors, alongside the Canada Pension Plan Investment Board (CPP Investments), are all stakeholders in the deal.
According to Blackstone, this acquisition represents the largest investment in the Asia Pacific region to date.
AirTrunk is the largest data center platform in the Asia Pacific, with a presence in Australia, Japan, Malaysia, Hong Kong, and Singapore. The company boasts more than 800MW of capacity and owns land capable of supporting over 1GW of future growth across the region.
Before acquiring AirTrunk, Blackstone's portfolio included $55 billion in data centers, including facilities still under construction, and an additional $70 billion earmarked for prospective pipeline development.
Jon Gray, President and Chief Operating Officer of Blackstone, stated, "AirTrunk is another vital step in Blackstone's ambition to become the leading digital infrastructure investor globally, encompassing data centers, power, and related services."
It is anticipated that around $1 trillion will be invested in capital expenditures within the United States over the next five years to build and support new data centers, with an additional $1 trillion in capital expenditures expected outside the United States.
