December 2024 repriced the asset class: three A$1bn+ events in one month, capped by the A$24bn AirTrunk deal
December 2024 repriced the asset class with three A$1bn-plus events in one month, capped by the A$24bn AirTrunk transaction. What followed: DigiCo's A$2.0bn REIT IPO, CDC stakes at around A$17bn enterprise value, and the 2026 processes now live.
Selected transactions, 2018 to December 2024 (continued overleaf)
| Date | Deal | Value | Multiple / metric |
|---|---|---|---|
| 2018 | Equinix acquires Metronode | A$1.035bn | ~16x EBITDA; ~US$8m/MW |
| Jan 2019 | Brookfield acquires DCI from Blackstone | A$370m | n/d (8.6 MW base) |
| 2020 | Centuria acquires Telstra Clayton (sale-leaseback) | A$416.7m | 4.2% yield; 30-yr lease |
| 2020 | Macquarie consortium takes 88% of AirTrunk | ~A$3bn EV | entry before AI repricing |
| Mar-Apr 2024 | NEXTDC acquires Artarmon (S6) | A$184-202.4m | 6.5% analysed yield (vacant possession) |
| Apr 2024 | Macquarie Tech buys back IC2/IC3 from Keppel DC REIT | A$174m | n/d |
| Dec 2024 | Blackstone/CPPIB acquire AirTrunk | A$24bn EV | 21x contracted EBITDA (PwC) / ~87x expected 2024 EBITDA (AFR via Reuters Breakingviews) |
| Dec 2024 | HMC/DigiCo acquires Global Switch Australia | A$1.937bn EV | ~24.7x EBITDA (PwC; EBITDA basis not stated); ~4.05% implied earnings yield; ~A$28,500/sqm GFA |
Selected Australian data centre transactions, A$bn
| Item | Value |
|---|---|
| Equinix / Metronode, 2018 Equinix | 1.035 |
| Centuria / Telstra Clayton, 2020 | 0.417 |
| DigiCo / Global Switch AU, Dec 2024 | 1.937 |
| DigiCo REIT IPO, Dec 2024 | 2 |
| Blackstone / AirTrunk, Dec 2024 | 24 |
Read of the tape
Every A$1bn+ trade since 2018 cleared at mid-teens-to-mid-20s forward multiples on contracted income; buyer appetite has held, and the open question is the denominator (page 56).
After the December 2024 wave: DigiCo's A$2.0bn REIT IPO and CDC stakes at ~A$17bn EV, and in 2026 a >US$30bn Stack APAC sale being explored and AirTrunk's Singapore REIT IPO pending
Dec 2024
DigiCo acquires iseek
Dec 2024
DigiCo REIT IPO (ASX:DGT)
Largest AU IPO since 2018;
-9% day one
Feb 2025
Infratil/Future Fund lift CDC stakes (CSC sell-down)
May 2026
DigiCo sells Chicago DC
2026 (rumoured)
Blue Owl exploring Stack APAC sale
no formal process
2026 (pending)
AirTrunk Singapore REIT IPO filing
Confidential filing Jul 2026;
Sep-Oct target
What the prices imply: inashanu estimates, derived only from the figures above
Status matters: two of the six are not yet transactions: Blue Owl's Stack APAC review is exploratory with no formal process, and AirTrunk's Singapore REIT is a confidential filing (Jul 2026) targeting Sep-Oct. Treat both values as indicative.
Sources
- Reuters
- AFR Street Talk
- PwC, as at Mar 2026
- Savills, as at Q1 2025
- Mingtiandi
- Equinix
- CDC
Related
- Was AirTrunk bought at 21x or 87x EBITDA?
- How are Australian data centres financed?
- How can you invest in Australian data centres on the ASX?
- How do Goodman and Stack make money from data centres?
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