Blackstone-backed AirTrunk Delays $1.5B Singapore REIT IPO to Next Year

The delay is a telling signal for the data center REIT pipeline: even a Blackstone-backed asset with a large target size could not clear the market at a time when rate expectations were moving against yield-sensitive listings. The contemplated step-up in REIT yield shows how quickly the pricing gap widened between issuers and buyers. What matters next is whether the window reopens once rate uncertainty settles — and whether other sponsors with similar data center or digital-infrastructure vehicles follow the same path of waiting rather than repricing.