Stack Asia announces $30 billion data center build-out across Asia Pacific, attracting BlackRock-backed Asia Infrastructure Partners and KKR in acquisition race.
Stack Asia's data centre acquisition has emerged as one of the Asia-Pacific region's most significant infrastructure deals. Blue Owl Capital's Stack Infrastructure is preparing to divest its entire Asia-Pacific data centre portfolio spanning Australia, Japan, and Malaysia in a transaction that sources say could exceed $30 billion. The Artificial Intelligence Infrastructure Partnership (AIP), backed by BlackRock's Global Infrastructure Partners (GIP), leads a competitive field that includes KKR & Co., Brookfield Asset Management, IFM Investors, and DigitalBridge Group, now being acquired by SoftBank. Bloomberg first reported the development on June 24, 2026. Stack has already gauged preliminary interest and plans to formally launch a sale process as early as July 2026, positioning this as one of the most closely watched infrastructure deals in recent APAC history.
Stack Infrastructure's Asia-Pacific footprint is substantial. The portfolio comprises one campus in Malaysia at 216 megawatts (MW), two campuses in Japan at 114 MW, and three campuses in Australia totalling 792 MW of capacity, with Melbourne alone accounting for 432 MW. Combined, the APAC portfolio represents more than 1,100 MW of operational and planned capacity. Stack's first Japanese facility, a 36 MW campus in Tokyo's Inzai District, has already been completed. The Johor Bahru facility in Malaysia sits strategically across the border from Singapore, where land and power constraints continue to push new digital infrastructure development into neighbouring markets. A deal exceeding $30 billion would establish an entirely new benchmark for data centre acquisitions in the region, surpassing the $16.6 billion that Blackstone paid for AirTrunk in 2024.
Three converging forces drive investor appetite. First, AI workload demand across Asia-Pacific continues to accelerate sharply, with every enterprise AI deployment requiring physical compute housed in data centres. Second, cloud migration across Southeast Asia remains mid-cycle, with markets including Malaysia, Indonesia, Vietnam, and the Philippines still actively migrating significant workloads from legacy infrastructure. Third, data sovereignty regulations across the region force enterprises and cloud providers to build local capacity. These tailwinds collectively make Stack's APAC footprint exceptionally valuable.
AIP has already demonstrated its appetite for large-scale acquisitions. In October 2025, AIP, alongside MGX and BlackRock's GIP, acquired Aligned Data Centers in a record $40 billion transaction—the largest data centre deal in history. AIP was founded by BlackRock, GIP, MGX, Microsoft, and NVIDIA to expand AI infrastructure globally, with anchor financial investors including Singapore's Temasek and the Kuwait Investment Authority. A Stack APAC acquisition would mark AIP's second major data centre investment within a year, cementing its dominance in the sector.
The Asia-Pacific region's data centre capacity is projected to more than double by 2030, with the region accounting for 40 per cent of global total capacity, supported by approximately $800 billion in investments. The growing competition for Stack's assets reflects a broader surge in capital targeting AI infrastructure, notably through the MGX-led AI Infrastructure Fund, which has mobilized approximately $50 billion to support large-scale investments in data centres, computing capacity, and energy infrastructure.
Blue Owl Capital, which owns Stack through its 2024 acquisition of IPI Partners, now explores a decisive exit. The Denver-based firm manages approximately $315 billion in assets under management as of Q1 2026. A successful sale at $30 billion-plus would crystallize substantial gains on one of its flagship infrastructure assets. Earlier in 2026, KKR and Singtel completed a $5.2 billion acquisition of STT GDC, one of Asia's largest data centre operators, setting a strong precedent for mega-deal appetite in the region. Additionally, Bain Capital has been seeking a buyer for at least 40 per cent of Bridge Data Centres at a $5 billion valuation, whilst AirTrunk has engaged banks for a potential Singapore REIT listing.
Stack Infrastructure has secured over $6 billion in green financing during 2025 to fund developments across North America. The company divested its European colocation business to Apollo-managed infrastructure funds in April 2025, a strategic refocus on the Americas and Asia-Pacific that makes the APAC sale a defining moment for the company's future direction.