NTT DC Reit targets $988m in SGX's biggest Reit IPO in a decade

Japan telecommunications giant Nippon Telegraph and Telephone (NTT) is set to raise US$773 million (S$988 million) from the initial public offering (IPO) of its data centre real estate investment trust (Reit), marking the largest Reit listing on the Singapore Exchange (SGX) mainboard in a decade.

- Benjamin Lim

NTT DC Reit will include six data centres across Singapore, Austria and the US with a total appraised value of US$1.57 billion in its portfolio. The NTT Group is one of the largest data centre providers in the world with total assets of approximately US$201 billion.

NTT DC Reit's offering will comprise 599.89 million units, or just over 58 per cent, priced at US$1 per unit.

This includes an international placement of 569.89 million units to institutional and overseas investors, and another 30 million publicly offered units in Singapore at $1.276 each.