NTT DC REIT IPO: Prospectus & Summary, comparison with existing Data Centre REITs

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 | Product Highlights Sheet

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.

Lease Management Overview

 

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%).