Keppel DC REIT to raise $393m in IPO

It would be the second-biggest IPO in Singapore this year.

According to Bloomberg’s sources, Keppel DC REIT, a trust that will be backed by data center properties, is seeking to raise as much as S$512 million ($393 million) from its Singapore initial public offering. Bloomberg adds that the trust plans to offer units at 90 Singapore cents to 93 Singapore cents each.

Keppel DC REIT’s portfolio will include two data centers each in Singapore and Australia, as well as one property in Malaysia and three in Europe. Keppel Telecommunications & Transportation Ltd. (KPTT), known as Keppel T&T, and Keppel Land Ltd. (KPLD) will hold 35 percent of the REIT after the offer, one of the people said.

View the full report here.