Brookfield Infrastructure Partners is exploring a dual track process for its data center provider Csquare, said four sources familiar with the matter.

The investment firm has appointed Morgan Stanley and TD Securities to run a dual track process that will contemplate an equity raise or a potential initial public offering, the sources said.

Information memoranda have been distributed to prospective buyers for the equity raise, one of the sources said.

Coppell, Texas-based Csquare, recently rebranded from Centersquare, generates around USD 500m in EBITDA, three of the sources said.

Valuation expectations sit in the mid‑ to high‑teens on an EBITDA‑multiple basis, one source said.

Brookfield invests in Csquare through Brookfield Infrastructure Fund III (BIF III).

Given the size of the business, Brookfield is opting for an IPO or equity raise rather than a full sale, as the asset is likely to be too large for many potential buyers, one of the sources said.

Logical bidders include Blackstone, KKR, and Global Infrastructure Partners, one source said. The asset could see potential interest from various Middle Eastern sovereign wealth funds, or a Canadian pension could emerge as a lead investor, supported by others, the source said.

Equinix, which has a USD 95bn market capitalization, is viewed as the closest listed comparable company for a potential IPO, according to another source. Its shares are up 27% year to date.

Brookfield formed Centersquare in 2024 by combining its previous acquisitions of Evoque Data Center Solutions and Cyxtera Technologies. The firm had formed Evoque after acquiring AT&T’s data center and colocation assets for USD 1.1bn in a deal announced in June 2018 and completed in January 2019. It acquired Cyxtera’s assets in a USD 775m deal announced in November 2023 and completed in January 2024.

The company acquired 10 data centers across the US and Canada for an enterprise value of USD 1bn, it announced in October 2025.

Csquare executed four secured data center revenue notes transactions between March and December 2025, according to Infralogic data.

Brookfield, Morgan Stanley, and TD Securities declined to comment. Csquare did not respond to requests for comment.