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
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