NTT DC REIT to raise $773 million in Singapore IPO
Investing.com -- NTT DC REIT plans to raise approximately $773 million in its initial public offering on the Singapore stock exchange, according to an announcement made Monday.
The data centre real estate investment trust, backed by Japanese telecommunications giant Nippon Telegraph and Telephone (OTC:NPPXF) Corp, will offer 599.89 million units priced at $1.00 per unit, or S$1.276 per unit. The IPO is scheduled for July 14.
NTT DC REIT owns six data centers located across Austria, Singapore, and the United States. These properties have a combined valuation of $1.57 billion.
The trust has secured several cornerstone investors who collectively hold a 16.8% stake. Singapore sovereign wealth fund GIC has taken a 9.8% position, making it the second-largest investor in the REIT. The largest investor remains NTT Ltd, which holds a 25% stake.
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