BlackRock, IFM Close Exclusive Talks on Stack Infrastructure Asia for $20B-$25B
The hyperscale acquisition would mark the largest data center transaction in APAC history, consolidating BlackRock's AI infrastructure thesis into named assets.
BlackRock and IFM Investors have entered exclusive negotiations to acquire Stack Infrastructure's Asia-Pacific data center portfolio for $20 billion to $25 billion, according to sources familiar with the discussions. The transaction would represent the largest single data center deal in the region's history and the second-largest globally after Blackstone's $16 billion QTS acquisition in 2021.
Stack Infrastructure operates 17 hyperscale facilities across Singapore, Tokyo, Seoul, and Sydney, with 1.2 gigawatts of total capacity under management. The portfolio includes eight build-to-suit contracts with hyperscalers, three colocation facilities serving enterprise tenants, and six development sites in various stages of permitting. Stack's APAC revenue reached $847 million in the trailing twelve months through September 2024, up 38% year-over-year, driven by capacity expansion in Singapore and new leases in Tokyo's Inzai market. The company raised $3.4 billion in construction financing over the past eighteen months, suggesting the sellers anticipated an exit at this scale.
The timing reflects two converging forces. First, power availability in key APAC markets has become the binding constraint on AI infrastructure deployment. Singapore's moratorium on new data center development, lifted selectively in late 2023, means existing facilities with secured power allocations trade at premiums approaching 14x-16x trailing EBITDA, nearly double the 8x-9x multiples seen in U.S. secondary markets. Tokyo's power grid constraints have pushed hyperscalers toward pre-committed capacity agreements, which Stack holds for 420 megawatts of its Japanese footprint. Second, BlackRock has deployed $11 billion into digital infrastructure since January 2023, including the Global Infrastructure Partners merger that closed in October 2024, adding $116 billion in infrastructure assets under management. The Stack transaction would consolidate that thesis into revenue-generating, power-secured facilities rather than speculative development parcels.
For allocators, this is a signal about where replacement cost meets scarcity value. Stack's facilities benefit from legacy power purchase agreements signed before regional utilities began rationing capacity to data center operators. Singapore Power's recent guidance capping new data center connections at 80 megawatts annually through 2030 means Stack's 340 megawatts of existing Singaporean capacity cannot be replicated at any price in the near term. The same dynamic applies in Tokyo, where TEPCO has effectively closed new applications for connections exceeding 50 megawatts in central wards. IFM, managing $194 billion for Australian pension funds, brings patient capital and regulatory familiarity across APAC jurisdictions, reducing execution risk on a transaction of this complexity.
Operators should monitor three follow-on events. First, whether BlackRock syndicates portions of the equity to sovereign wealth funds or pension allocators, as it did with the $5.6 billion Australand data center platform in 2022—indicative discussions typically surface within 90 days of exclusivity. Second,Stack's construction pipeline includes 600 megawatts of shell capacity requiring an additional $2.8 billion to $3.2 billion in build-out capital, and the financing structure for that spend will clarify whether this is a hold-for-yield acquisition or a value-add play. Third, any regulatory filings in Singapore or Australia under foreign investment review frameworks, expected within 30-45 days if the deal advances, will reveal whether co-investors include Chinese or Middle Eastern capital, which could trigger extended review periods.
The deal's IRR assumptions likely depend on 12-15 year lease terms with investment-grade hyperscalers, minimal merchant exposure, and the ability to re-rate the portfolio from development-stage to stabilized infrastructure once the pipeline completes. That makes Stack's existing power allocations worth more than the facilities themselves.
The takeaway
The transaction prices scarcity of permitted, power-secured APAC data center capacity at 14x-16x EBITDA, double U.S. comps, as regulatory constraints prevent replication.
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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