APAC data center firm AirTrunk is considering a potential real estate investment trust (REIT) listing in Singapore.

As reported by Bloomberg last week and citing people familiar with the matter, the company has held initial discussions with prospective advisers about a possible REIT initial public offering that could raise more than $1 billion.

A listing could take place as soon as 2026 if it decides to go ahead. Plans, however, could change.

The company and its investors declined to comment to Bloomberg.

REITs are companies that own, and often operate, income-producing real estate such as data centers. They act as a fund for investors, generating revenue via leasing space and collecting rent on their properties. Data center REITs are investment trusts where all or the majority of the trust's revenues come from leasing data centers.

NTT last year launched a data center REIT and listed it in Singapore. The new company was seeded with six stabilized NTT data centers in the US, Austria, and Singapore.

The $773m IPO was the biggest in Singapore since 2021, when Digital Core REIT, set up by Digital Realty, raised $977m ahead of its market debut. Keppel DC REIT is also listed in Singapore.

Founded in 2018, AirTrunk was acquired by Blackstone and Canada Pension Plan Investment Board for US$16.1bn last year in what was the largest-ever deal in the space at the time.

AirTrunk has data center campuses in operation and development in Sydney (x3) and Melbourne (x2) in Australia, as well as Singapore; Hong Kong; Johor, Malaysia; Tokyo (x2), and Osaka (x2), Japan.