Digital Realty files for Singapore IPO seeking $235m

New REIT is set to debut with a market capitalisation of $990.3 million and a footprint of ten facilities in North America.

By João Marques Lima

Founder and Editor, The Tech Capital

3 Mins

November 23, 2021 | 12:15 AM GMT

Digital Realty (NYSE: DLR) has made the move to list a new vehicle on the Singapore Stock Exchange (SGX) by lodging its interest with the Monetary Authority of Singapore on Monday.

The American REIT intents to list a data centre real estate investment trust (REIT) named Digital Core REIT, which would begin operations as a public entity in the SGX with a portfolio of ten freehold facilities in the US and Canada with an appraised value of US$1.4 billion currently sitting in Digital Realty’s portfolio.

Digital Core Reit’s manager will offer more than 267 million units at $0.88 per unit for subscription as part of an offering that will include a placement tranche and a public offer.

Nearly 253.7 million units will be offered in the placement tranche to international investors outside of the US while close to 13.4 million units will be offered to retail investors in Singapore.

The issue is posed to raise around $235 million and generate a distribution yield of 4.75% for forecast year 2022 and DPU growth of 5.26% from forecast year 2022 to projection year 2023.

Cornerstone investors have each also entered into separate subscription agreements at the offering price for a total of nearly 414.8 million units or $365 million, comprising 60.8% of the total IPO size.

The full list of cornerstone investors includes:

  • AEW Asia Pte. Ltd.
  • Affin Hwang Asset Management Berhad
  • AIA Investment Management Private Limited
  • AMP Capital Investors Limited
  • B&I Capital AG
  • Blackrock, Inc.
  • Cohen & Steers Asia Limited
  • DBS Bank Ltd.
  • DBS Bank Ltd. (on behalf of certain wealth management clients)
  • DWS Investments Australia Limited
  • Eastspring Investments (Singapore) Limited (in its capacity as investment manager for and on behalf of the investment accounts)
  • FIL Investment Management (Hong Kong) Limited
  • Fullerton Fund Management Company Ltd
  • Ghisallo Master Fund LP
  • Jane Street Financial Limited
  • JPMorgan Asset Management (UK) Limited (for and on behalf of its clients)
  • Kasikorn Asset Management Company Limited
  • Lion Global Investors Limited
  • Nikko Asset Management Asia Limited
  • Principal Global Investors (Singapore) Limited
  • Resolution Capital Limited
  • Schonfeld IR Master Fund Pte. Ltd. and Schonfeld Global Master Fund LP
  • Stichting Depositary APG Tactical Real Estate Pool, As Depositary Of APG Tactical Real Estate Pool
  • The Segantii Asia-Pacific Equity Multi-Strategy Fund
  • TMB Asset Management Company Limited
  • Value Partners Hong Kong Limited

Digital Realty first confirmed its intentions to list in the SGX last October, following reports of the intentional move that emerged in June.

The operator’s portfolio includes today over 280 facilities in 49 metros across 25 countries on six continents. 


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João Marques Lima

Founder and Editor, The Tech Capital

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