A single low-quality trade blog reported October 4 that BlackRock has entered exclusive negotiations with IFM Investors for a data-center acquisition valued at roughly $25 billion, with exclusivity implying advanced due diligence and a multiple around 22 times trailing EBITDA. BlackRock declined comment in the report; IFM’s office confirmed only “ongoing discussions with multiple parties.”
The report conflicts on its own details with the long-tracked item it most resembles: the ~$25 billion Stack Asia-Pacific portfolio (Blue Owl seller, facilities across Singapore, Tokyo, Seoul and Sydney) that BlackRock and IFM have been reported circling since September 25. The new report instead cites assets in Virginia, Oregon and Frankfurt — a different portfolio entirely.
Until a credible outlet or the parties themselves confirm, the status stays where it has been since late September: reported, unresolved, and not confirmable. The watched counterparties are the BlackRock AI Infrastructure Partnership’s $100 billion commitment pool and IFM’s infrastructure franchise; the watched assets are the Stack portfolio and any $25 billion-scale North American or European equivalent.