Keppel to list data centre fund in $432m IPO

Singapore’s Keppel Telecommunications and Transportation Ltd (Keppel T&T) has begun pre-marketing the initial public offering (IPO) for its data centres, and plans to raise about S$540 million ($432 million).

Keppel DC Reit will sell about 70% of its enlarged share capital with parent firm, and plans to use about half the proceeds to subscribe to units of this real estate investment trust (REIT). Keppel T&T will own the remaining 30%.

Keppel T&T is a unit of Singapore conglomerate Keppel Corp and the REIT will allow the company to finance its own expansion plans without having to depend on its parent company. This will also the second REIT that is being listed by Keppel Corporation, and about a decade ago, it had floated Keppel REIT on the Singapore exchange.

This also marks the first IPO of a datacentre trust in Asia, outside Australia, and the Reit will launch with eight centre properties in Asia-Pacific and Europe: Keppel Digihub and Keppel Datahub 1 in Singapore; Gore Hill Data Centre in Sydney and iseek Data Centre in Brisbane; Basis Bay Data Centre in Selangor; GV7 Data Centre in London; Almere Data Centre in Amsterdam and Citadel 100 Data Centre in Dublin.

The company has said it does not plan to undertake an aggressive expansion following its initial public offering, but may instead look at collaborating with owners of similar facilities, or even, manage such centres on a revenue share basis.

Singapore is a preferred destination for listing of REITs as rules here mandate that companies that opt for trust listings here offer higher yields.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.