Stack APAC data centers could attract a potential Macquarie bid as owners prepare a major transaction exceeding $25 billion. The portfolio spans critical digital infrastructure across several Asia-Pacific markets. However, the potential transaction also highlights the construction scale behind AI-driven computing demand. Reports indicate Macquarie could join Global Infrastructure Partners (GIP) in pursuing the assets.
The potential deal follows Blackstone’s $24 billion acquisition of AirTrunk in 2024. Consequently, investors increasingly view hyper scale data centers as strategic infrastructure rather than conventional property.
Stack APAC data centers prepare for a major ownership change
Blue Owl Capital is preparing to sell its Asia-Pacific data center business through a global process. Morgan Stanley and Deutsche Bank are advising on the proposed transaction. However, the formal sale process had not started in earlier reports.
The latest reports place the portfolio value above $25 billion. Earlier market reports had indicated a possible valuation near $30 billion. Therefore, the final transaction value could depend on bidder appetite and financing structures.
Importantly, prospective buyers may need to acquire the APAC portfolio as one package. That structure could encourage consortium bids rather than individual asset purchases.
GIP has emerged as an early potential bidder, with Macquarie reportedly considering participation. The combination would bring substantial capital and strong regional infrastructure experience.
IFM Investors also ranks among the potential contenders for the portfolio. Meanwhile, other institutional investors could enter once the formal process begins.
Stack APAC data centers show the construction scale behind AI demand
The Australian portfolio demonstrates why the assets command such a high valuation. STACK’s Sydney campus covers more than 7.7 hectares with 360MW of capacity. Its Melbourne operations span two campuses across 9.3 hectares. Together, those Melbourne facilities provide 432MW of capacity.
Therefore, Sydney and Melbourne alone represent almost 800MW of data center capacity. Recreating that scale would require major investment in land, power, buildings and network infrastructure.
STACK has also expanded across Japan, Malaysia and other APAC markets. Its current regional footprint includes facilities in Johor Bahru, Melbourne, Osaka, Sydney and Tokyo.
In Australia, STACK previously partnered with Hickory to establish its national data center platform. That partnership initially covered Melbourne, Canberra and Perth.
The Melbourne development illustrates the engineering requirements behind the broader platform. Its first Australian campus delivered 36MW within a scalable 72MW development. The campus occupies 3.6 hectares and uses a dedicated 105MW substation.
Furthermore, STACK secured AUD$1.3 billion in green financing for the next MEL01 development phase. Deutsche Bank, MUFG, Natixis, OCBC and Société Générale supported that financing.
Stack APAC data centers face an increasingly competitive investment market
The potential sale arrives as AI workloads accelerate demand for high-capacity digital infrastructure. Cloud providers and AI companies require reliable power, advanced cooling and extensive connectivity. Consequently, investors increasingly target operational campuses with expansion potential.
STACK’s own 2026 regional materials show 44 data centers globally and more than 4GW built or under development. The company also identifies more than 13GW of planned and potential development.
For construction markets, the transaction could influence future campus expansion across APAC. A new owner could accelerate investment where power availability and customer demand support additional capacity.
However, the acquisition remains a potential transaction rather than a completed deal. Macquarie has not secured the portfolio, while the formal bidding process remains subject to further developments.
The potential deal follows Blackstone’s $24 billion acquisition of AirTrunk in 2024. Meanwhile, AirTrunk continues expanding its Australian footprint through major data centre developments. Our previous report covered AirTrunk’s plans for a $3.3 billion data center campus in Western Sydney, highlighting the scale of competing digital infrastructure investment in Australia. 
Project Fact Sheet
Project: Stack APAC data centers portfolio.
Type: Hyperscale and enterprise data center infrastructure.
Focus: Asia-Pacific digital infrastructure and data center development.
Earlier valuation indication: Approximately $30 billion.
Ownership: STACK Infrastructure operates the portfolio under Blue Owl Capital ownership.
Key markets: Australia, Japan, Malaysia and other Asia-Pacific markets.
Sydney capacity: Approximately 360MW.
Melbourne capacity: Approximately 432MW across two campuses.
Combined Sydney and Melbourne capacity: Nearly 800MW.
Sydney footprint: More than 7.7 hectares.
Melbourne footprint: Approximately 9.3 hectares across two campuses.
Australian construction platform: STACK previously partnered with Hickory.
Melbourne campus: 72MW planned capacity, including two 36MW facilities.
Melbourne campus site: Approximately 3.6 hectares.
Dedicated substation: 105MW.
Financing: AUD$1.3 billion green financing supported MEL01 expansion.
Transaction status: Proposed sale process, with formal bidding yet to commence.
Investment rationale: Rising AI, cloud computing and hyperscale capacity demand.
Project Team
Owner: Blue Owl Capital, through its ownership of STACK Infrastructure.
Data center operator: STACK Infrastructure.
APAC leadership: Pithambar “Preet” Gona, CEO of STACK APAC.
Potential bidder: Macquarie, reportedly considering a bid.
Potential consortium partner: BlackRock’s Global Infrastructure Partners.
Potential bidder: IFM Investors.
Transaction adviser: Morgan Stanley.
Transaction adviser: Deutsche Bank.
Australian development partner: Hickory, involved in STACK’s Australian platform.
Melbourne construction partner: Hickory delivered STACK’s first Australian data centre.
Green financing arrangers: Deutsche Bank, MUFG Bank, Natixis, OCBC and Société Générale.
Leave a Reply