Blackstone Files for IPO of Data Center Acquisition Firm

Blackstone Inc. filed for an initial public offering of a new data-center acquisition vehicle that plans to buy already-built and leased properties benefiting from the artificial intelligence boom.

The new vehicle, Blackstone Digital Infrastructure Trust Inc., will target newly built data centers valued at between $250 million and $1.5 billion and leased to investment-grade hyperscalers, according to its filing Friday with the US Securities and Exchange Commission. The properties are expected to yield 5.75% to 7% a year, or more, and the rent would automatically rise by 2% to 3% annually, the filing said.