AirTrunk is reportedly close to selling one of its data center assets in Johor, Malaysia, at an estimated valuation of $1 billion. The buyers include KWAP, Malaysia’s national pension fund.
The deal and the market around it
The transaction was reported on October 15, 2026. It involves an AirTrunk asset in Johor valued at approximately $1 billion, with KWAP among the investors on the other side.
AirTrunk is a hyperscale data center platform. Blackstone and CPPIB hold a majority stake following their $16.1 billion acquisition of the company in 2024.
The selloff in AI-linked equities, paired with rising interest rates, has delayed and reshaped fundraising efforts across the data center space. Several listings tied to the sector have been put on hold.
AirTrunk’s own real estate investment trust plans have been delayed. A REIT is a vehicle that lets public investors own income-producing property.
Johor’s construction spree
AirTrunk has been building aggressively in Johor, the Malaysian state just across the border from Singapore. It now has several campuses at various stages of development.
The first, JHB1, began operating in July 2024. It targets more than 150 MW of capacity.
JHB2 is currently in development and targets over 270 MW of IT load.
JHB3 and JHB4 were announced on April 30, 2026. Together they are expected to add more than 280 MW to AirTrunk’s Johor footprint.
In July 2026, AirTrunk closed a $2.3 billion green loan for JHB2. It was the firm’s largest single-asset financing to date. The International Finance Corporation participated with up to $175 million.
Why Johor matters
As of October 15, 2026, 28 data center sites were being tracked in Johor across 16 operators. Those operators are planning a combined capacity of 1,210 MW. AirTrunk ranks among the leaders in potential capacity within that group.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.