--- title: "NTT DC REIT IPO: Prospectus & Summary, comparison with existing Data Centre REITs" description: "NTT DC REIT IPO: Prospectus & Summary, comparison with existing Data Centre REITs." --- [Skip to content](https://reitsavvy.com/insights/ntt-dc-reit-ipo-prospectus-summary-comparison-with-existing-data-centre-reits#main-content) [![op can-4](https://reitsavvy.com/hs-fs/hubfs/op%20can-4.png?width=7114&height=2442&name=op%20can-4.png)](https://reitsavvy.com/) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) [2025](https://reitsavvy.com/insights/tag/2025) # NTT DC REIT IPO: Prospectus & Summary, comparison with existing Data Centre REITs [By- REITsavvy Team,](https://reitsavvy.com/insights/author/reitsavvy-team) Overview NTT DC REIT is launching Singapore’s largest real estate investment trust (REIT) IPO in over a decade, seeking to raise approximately US$773 million. The offering comprises 599.9 million units priced at US$1.00 per unit for institutional and international investors, and 30 million units at S$1.276 for the Singapore public. NTT Limited, the sponsor, will retain a 25% stake through a concurrent subscription of 257.6 million units, while GIC, Singapore’s sovereign wealth fund, emerges as a key cornerstone investor with a 9.8% stake. The REIT's cornerstone investors also include AM Squared, UBS, Hazelview, and others. Trading is expected to commence on July 14, 2025, on the SGX Mainboard. [Prospectus](https://eservices.mas.gov.sg/opera/af086814-505b-4b00-8726-2367a652b062.publishresource) | [Product Highlights Sheet](https://eservices.mas.gov.sg/opera/399193b0-cfd5-4ebd-9767-5100bab33c2d.publishresource) ![](https://mystocksinvesting.com/wp-content/uploads/2025/07/nttdc.png) Fundamental and Financial Ratios • Type: Data Centers (Carrier-neutral, Tier III-equivalent, Global) • Sponsor: NTT Limited • REIT Manager: NTT DC REIT Manager Pte. Ltd. • Total Units Offered: 599,887,100 • Portfolio: 6 Data Centre • Properties across US, Austria, and Singapore • Portfolio Size: US$1.572 billion (~S$2.02 billion) • IPO Offer Price: US$1.00, S$1.276  • NAV per Unit: ~US$0.95 (calculated) • Price / NAV: ~1.05x (approx.) • Gearing Ratio: 35.0% • Forecasted Distribution Yield: 7.5% (9M25/26), 7.8% (FY26/27) • Distribution Policy: 100% of distributable income (initial years); semi-annual distributions Lease Management Ratios • Occupancy Rate: 94.3% • WALE: 4.8 years (by Monthly Base Rent) • Customer Mix: 51% hyperscale, 49% colocation • Top 10 Tenant Contribution: 62.6% (excluding NTT Group) Debt Management Ratios • Forecasted Interest Coverage Ratio: Not disclosed in exact ratio form, but interest cost forecasted at ~3.9% • Debt Maturity: No maturities for next 3 years; 2x 1-year extension options • Term Loan Composition: US$525 million; 70% fixed or hedged IPO Information • IPO Offer Price: US$1.00 / S$1.276 • Offer Closing Date: 10 July 2025, 12:00 p.m. • Listing Date: 14 July 2025, 2:00 p.m. Portfolio Overview The REIT’s portfolio includes six carrier-neutral, Tier III or equivalent data center assets across the US, Austria, and Singapore, with an appraised value of approximately US$1.6 billion and a combined IT load of 90.7 MW. The assets are supported by a diversified mix of hyperscale (51%) and colocation (49%) tenants, including major tech firms and cloud providers, with a weighted average lease expiry of 4.8 years and a high occupancy rate of 94.3%. The REIT is positioned for organic growth through built-in escalations and potential asset enhancements, and benefits from a right-of-first-refusal pipeline of over 2,000 MW from its sponsor’s global portfolio. ![](https://mystocksinvesting.com/wp-content/uploads/2025/07/ntt-portfolio.png)   Lease Management Overview ![](https://mystocksinvesting.com/wp-content/uploads/2025/07/ntt-lease.png)   How NTT DC REIT stacks up with the 2 already listed other Data Centre REITs   **Keppel DC REIT** remains having the **largest and most geographically diverse portfolio by number and AUM** with 24 assets across Asia-Pacific and Europe, heavily weighted towards Singapore (66% by AUM). **Digital Core REIT’s** 11 asset portfolio is concentrated in the US (51%), Germany, and Canada. In contrast, **NTT DC REIT holds a smaller portfolio of six assets** located in the US (67%), Singapore (17%), and Austria (16%).   ![dc reits 9 july](https://reitsavvy.com/hs-fs/hubfs/dc%20reits%209%20july.png?width=823&height=820&name=dc%20reits%209%20july.png)   | **Exclusive REITsavvy Newsletter** | | --- | ##### Gain financial insights on REITs in minutes The newsletter that keeps you up-to-date on REITs in minutes.   ![op can-4](https://reitsavvy.com/hubfs/op%20can-4.png) **[Insights](https://reitsavvy.com/insights)** **[REITs Screener](https://screener.reitsavvy.com/)** Unless otherwise specified, all return figures shown above are for illustrative purposes only, are not actual customer or model returns and are not indicative of future performance or results. Actual returns will vary greatly and depend on various factors including personal and market circumstances. Investment involves risk. 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