Blackstone-backed data center operator AirTrunk, is seeking US$1.6 billion loan to finance an upcoming proposed public listing of a real estate investment trust (REIT) in Singapore, according to Bloomberg recently citing people familiar with the matter.
AirTrunk is said to have sent requests to banks seeking several tranches of loan ranging between three and seven years in Singapore dollars and yen. The loan, to be raised by the REIT, will most likely be used to acquire assets from AirTrunk and refinance existing debt, the people added. The IPO will allow AirTrunk to raise capital from a wider pool of investors.
When asked, representatives from both AirTrunk and Blackstone declined to comment.
In June, w.media reported that AirTrunk was about to file confidentially for a REIT IPO in Singapore, according to people familiar with the matter.
Data center loans in the region have hit almost US$ 29 billion since the beginning of 2025, according to data compiled by Bloomberg. Banks are getting more selective as they are nearing their sector limits.