Blackstone's AirTrunk in talks for S$2B loan to fund Singapore REIT listing

AirTrunk, the data center operator owned by Blackstone Inc., 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 backed by its assets, according to people familiar with the matter. The talks, reported Thursday, would fund a Singapore listing vehicle whose underlying assets are AirTrunk data centers. The loan size and the REIT structure indicate the operator is moving to convert operating data center capacity into a listed, income-producing vehicle. The people familiar with the matter were not identified, and no terms, lenders, or listing timetable were disclosed.