Blue Owl is reportedly stepping up its efforts to sell data center firm Stack Infrastructure’s Asia Pacific operations.

The private equity firm has contracted bankers from Morgan Stanley and Deutsche Bank to help sell Stack’s Asia business, according to a report from Australian Financial Review. Stack’s assets in the region are reportedly worth more than $30 billion.

Reports that Blue Owl was looking to cash in on some of the Stack empire first surfaced last month. DCD has contacted the companies for comment on the report.

Stack Infrastructure was created in 2019 by investment firm IPI Partners through a merger of assets originally belonging to Infomart and T5. IPI - itself a joint venture between investment manager Iconiq Capital and private equity firm Iron Point Partners - was acquired by Blue Owl Capital in 2024.

The company first announced plans to expand into APAC in 2021. According to Stack’s website, it operates multiple data centers in APAC: one in Malaysia (216MW), two in Japan (114MW), and three in Australia (792MW). Stack previously had plans for a project in South Korea, but its status is unclear.

The company entered the Australian market in 2022 after taking over three development projects owned by local developer Hickory.

Blue Owl is heavily invested in the AI boom, having provided funds for projects such as the Stargate Abilene data center in Texas and Meta’s upcoming campus in Louisiana.