The hotly anticipated initial public offering (IPO) of Keppel DC REIT was launched on Friday (Dec 5). The Reit will be managed by Keppel DC Reit Management, a wholly owned subsidiary of Keppel Telecommuncations and Transportation (Keppel T&T), which owns the data centres.
Its final prospectus was registered with the Monetary Authority of Singapore in relation to its proposed listing on the Main Board, offering a total of 261,138,000 units priced at S$0.93 per unit. With a market capitalisation at listing of approximately S$821.1 million, Keppel DC REIT will be the first data centre real estate investment trust to be listed in Asia.
The IPO aims to raise gross proceeds of some S$512.9 million, with nine cornerstone investors investing S$270 million. The expected distribution yields in Forecast year 2015 and 2016 are 6.8 per cent and 7.1 per cent respectively, with a distribution growth of 4.5 per cent.
The public offer will open at 9pm on Friday, and will close next Wednesday (10 Dec).
The portfolio currently enjoys an occupancy rate of 93.5 per cent and a customer retention rate of 97.8 per cent.
Source : Channel NewsAsia – 5 Dec 2014