Blackstone Files $2B Data Center REIT

Blackstone just filed a $2B S-11 for a data center REIT targeting stabilized hyperscaler-leased product — and it reopens the large-REIT IPO window. We break down the cap-rate comp forming in real time, why power (not dirt) is now the scarcity, and the 30-day moves for operators holding entitled land.

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