By Muskan Arora
The $472.8bn Canada Pension Fund and BlackStone
signed a definitive agreement to acquire AirTruck from Macquarie Asset
Management and other investors including PSP Investments.
The Canadian pension will acquire a 12%
interest in AirTruck as a part of the transaction, as per a press release on September
4.
The Australian-based firm develops and
operates data centers across the Asia-Pacific region, including Australia, Hong
Kong, Japan, Malaysia and Singapore.
The transaction is subject to approval from
the Australian Foreign Investment Review Board.
“CPP Investments has invested in the Asia
Pacific data centre sector for several years, and we have witnessed significant
growth in this space, fueled by a strong demand for digital infrastructure and,
more recently, the increasing adoption of artificial intelligence,” said Max
Biagosch, Senior Managing Director, Global Head of Real Assets & Head of
Europe for CPP Investments.
A press
release by Black Stone highlighted that this deal would be its largest
investment in Asia-Pacific region.
Further, Black Stone noted that funds
managed by Blackstone Real Estate Partners, Blackstone Infrastructure Partners,
Blackstone Tactical Opportunities, and Blackstone’s private equity strategy for
individual investors are also involved in this deal.
“AirTrunk is another vital step as
Blackstone seeks to be the leading digital infrastructure investor in the world
across the ecosystem, including data centers, power and related services,” said
Jon Gray, President and Chief Operating Officer of Blackstone.
Previously, Blackstone has invested in both
the debt and equity of other data center companies, including as owner of QTS,
the fastest growing data center company in the world, Coreweave and Digital
Realty.
Another press
release by PSP Investments and Macquarie suggests that these two firms hold
88% if AirTrunk, adding that the CEO Robin Khuda, will also realize part of his
stake as a part of the transaction.
Macquarie, on behalf of its managed funds
and clients, along with PSP Investments acquired a majority stake in AirTrunk
in 2020 and since then has expanded to becoming a leading hyperscale data center
specialist across 11 sites.
