A consortium backed by BlackRock Inc. and IFM Investors has entered exclusive talks to acquire Stack Infrastructure’s Asia Pacific data center portfolio in a transaction that could value the assets at about $20 billion to $25 billion, according to Bloomberg News, citing people familiar with the matter. The investor group includes BlackRock-backed Artificial Intelligence Infrastructure Partnership, or AIP, and IFM, and is preparing to conduct due diligence on Stack’s assets. The parties hope to reach an agreement soon with Stack owner Blue Owl Capital, although the discussions remain private and could still extend or collapse without a transaction.
The potential acquisition puts one of Asia Pacific’s largest private digital infrastructure portfolios at the center of a capital race increasingly shaped by artificial intelligence. Global investors have targeted the region as cloud adoption, AI workloads and digital services increase demand for power-intensive computing capacity. Stack currently lists facilities and development positions across Tokyo, Osaka, Melbourne, Sydney and Johor Bahru, giving the portfolio exposure to several of the region’s established and emerging data center markets. Its current APAC footprint includes 1 site in Johor Bahru, 2 in Melbourne, 1 in Osaka, 1 in Sydney and 1 in Tokyo, according to Stack’s website.
Stack’s Asia Portfolio Draws Billion-Dollar Infrastructure Capital
The latest talks follow months of speculation around Blue Owl’s options for the business. Bloomberg previously reported in May that Stack was evaluating alternatives, including a potential sale of its Asia operations at a valuation above $30 billion, while a June report identified IFM and AIP among the potential bidders. The shift toward an exclusive negotiation at a lower reported valuation range highlights how expectations around large infrastructure portfolios can change as buyers examine power availability, development pipelines, financing requirements and asset-level risks.
Stack’s APAC expansion has built a sizeable platform across markets where power availability and hyperscale demand increasingly shape investment decisions. The company’s disclosed portfolio includes 432 megawatts across two Melbourne sites, 360 megawatts in Sydney, 216 megawatts in Johor Bahru, 78 megawatts in Osaka and 36 megawatts in Tokyo. Stack has also continued expanding its Japanese platform, including its 36-megawatt Tokyo campus and plans for an 80-megawatt Osaka development.
AIP Brings AI Infrastructure Capital Into The Deal
The prospective transaction also extends AIP’s strategy beyond its first major data center acquisition. AIP, MGX and BlackRock’s Global Infrastructure Partners completed the acquisition of Aligned Data Centers in July at an enterprise value of approximately $40 billion, giving the partnership control of a platform spanning 51 campuses and more than 6.4 gigawatts of operational and planned capacity. AIP was established in 2024 to mobilize $30 billion of equity capital, with the potential to reach $100 billion when debt financing is included.
Nvidia and xAI joined the partnership in 2025, while MGX identifies Kuwait Investment Authority and Temasek among the platform’s investors. The group’s stated objective centers on expanding infrastructure capable of supporting AI workloads, linking data center capacity with the energy and technology systems required to operate increasingly demanding computing environments. For BlackRock and IFM, the Stack discussions would provide another route into APAC’s data center expansion while giving the consortium exposure to a portfolio positioned across multiple high-value digital markets.
Deal Still Faces Due Diligence and Execution Risk
The reported transaction remains subject to due diligence and further negotiations, meaning the current discussions do not guarantee a completed sale. The parties could extend the process or fail to reach an agreement, according to Bloomberg’s sources. BlackRock, IFM Investors, Stack Infrastructure and AIP did not immediately respond to requests for comment cited by Reuters. For the APAC data center market, the deal signals how infrastructure investors are increasingly valuing operating capacity, expansion rights and access to strategic power markets alongside traditional real-estate considerations. In parallel, the proposed transaction shows how AI infrastructure capital is moving toward established platforms rather than relying solely on new-build projects. If completed, the Stack transaction would add another multibillion-dollar data center deal to a market where scarce power, accelerating AI demand and institutional capital are reshaping the value of digital infrastructure.
