AirTrunk finalized a $1 billion sale of its Johor Bahru hyperscale data centre to Malaysia's Kumpulan Wang Persaraan (KWAP), the country's civil-service pension fund. The transaction values the facility at approximately 12× forward EBITDA, below the 14–16× range hyperscale operators commanded in late 2024 before the AI equity selloff began.
The deal marks AirTrunk's first outright asset sale since Blackstone and Canada Pension Plan Investment Board acquired the platform for $16.1 billion in September 2024. The Johor facility, commissioned in Q3 2023, runs 48 MW of critical IT load across two buildings and serves three anchor tenants under contracts averaging 8.2 years remaining. KWAP, managing RM 157 billion ($35.2 billion) in assets, bought the stake through its infrastructure allocation, which targets 12–15% of total AUM by 2026.
The repricing matters because AirTrunk had actively prepared for a Singapore or Sydney listing through Q4 2024, targeting a $22–25 billion enterprise value at debut. That window closed without warning in January as DeepSeek's release triggered a $1 trillion erasure in US AI-infrastructure equity value over eleven trading days. Hyperscale data-centre operators saw forward multiples compress by 180–220 basis points across Asia-Pacific. AirTrunk's advisors at Goldman Sachs and Morgan Stanley suspended the listing process on February 3, four weeks before the planned roadshow.
Private sales now offer valuation certainty IPOs cannot. The Johor transaction lets AirTrunk monetize a mature asset at a 340 basis point premium to where public comps trade today, while KWAP locks direct exposure to Malaysia's 68% year-over-year growth in data-centre power consumption. The pension fund's cost of capital sits at 4.8%, roughly 290 basis points below what AirTrunk would pay in the current credit markets for secured construction financing on its 210 MW Tokyo expansion.
Allocators should watch two follow-on events. First, whether AirTrunk sells additional stabilized assets in Sydney (90 MW, 96% leased) or Singapore (72 MW, fully subscribed) to the same buyer or sovereign peers within 90–120 days, signaling a broader pivot from IPO to programmatic asset recycling. Second, whether Blackstone marks down its remaining AirTrunk stake in its Q1 infrastructure fund NAV, due April 28. A markdown would confirm the repricing extends beyond public markets into private hold-co valuations, pressuring other hyperscale platforms—Digital Realty, Equinix Asia, GDS Holdings—to either accept lower exit multiples or extend hold periods by 18–24 months.
KWAP now owns the only Malaysian hyperscale facility with direct fiber to Singapore's 1.2 terabits per second AIMS subsea cable, operational since November 2024.
The takeaway
AirTrunk's $1B private exit at 12× EBITDA prices the new floor for hyperscale after the IPO window shut in January.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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