The proceeds of the latest loan will fund Australia-based AirTrunk’s 80.2MW greenfield data centre campus buildout in Singapore until Dec 31, 2050, said the people, who asked not to be identified discussing private matters.

The construction will be carried out on behalf of one of its key US clients, after which AirTrunk will lease back some of the power allocated via long-term contracts, the people added.

A spokesman for Blackstone declined to comment.

Artificial intelligence advances are fueling demand for data centre fundraisings in Asia, a region that has seen a series of record breaking loans.

Among the recent financings, Bain Capital-owned Bridge Data Centres obtained a US$2.8 billion facility for its operations in Malaysia, while DayOne, formerly known as GDS International, launched a US$3.4 billion-equivalent borrowing into the market.

These deals underscore how much of a data centre hotspot Asia has become, with demand set to expand by about 32% a year through 2028, according to data by real estate services firm Cushman and Wakefield, outpacing the US’s expected growth of 18%.

AirTrunk is in the process of wrapping up a separate US$2.8 billion-equivalent sustainability-linked loan, which will fund the capital expenditure requirements of its data centres in Malaysia, Singapore and Hong Kong.

Blackstone, which along with Canada Pension Plan Investment Board acquired the operator last year, is also considering tapping the asset-backed securities market to fund AirTrunk’s growth in Asia Pacific.

“Credit Agricole SA, DBS Group Holdings Ltd and ING Bank NV are the coordinators of AirTrunk’s latest three-year loan.

“AirTrunk Singapore Ten Pte Ltd is the borrower of the facility, which pays an opening margin of 225 basis points over the benchmark Singapore Overnight Rate Average,” the people added.