The Singapore Exchange (SGX) has not welcomed a blockbuster listing in a while but that’s about to change.
Japan’s telecommunications company Nippon Telegraph and Telephone (NTT) Limited is looking to raise US$773 million (S$987.5 million) in the listing of its data centre real estate investment trust (REIT) – NTT DC REIT – on the SGX.
As we know, REITs in Singapore are a popular choice for investors given they’re an easier way to invest into real estate and potentially earn regular passive income from distributions. With the global data centre market having experienced sustained growth in recent years, some investors may be interested in the listing of this REIT – only one of three pure play data centre REITs in the country.
Here are 10 things to know about NTT DC REIT.
Read Also: Complete Guide To Start Your REITs Investing Journey In Singapore
#1 Largest REIT IPO Since 2013
NTT Limited is seeking to raise gross proceeds of approximately US$773 million in the listing of its data centre REIT in Singapore.
The IPO comprises of 599.9 million units priced at US$1 each, with 30 million units for public investors in Singapore at S$1.27 each. This may be the largest REIT IPO in Singapore since Mapletree Greater China Commercial Trust listed in February 2013 – when it raised S$1.68 billion in the process.
#2 Strong Institutional Backing
NTT DC REIT is sponsored by NTT Limited, which is part of NTT Group, one of the largest data centre operators in the world.
The REIT has the backing of cornerstone investors including Singaporean sovereign wealth fund GIC Pte Ltd, which is subscribing to 100 million units.
#3 Portfolio Asset Value Of US$1.6 Billion
NTT DC REIT’s portfolio comprises of six data centres located in the US, Vienna and Singapore, which has a total appraised value of close to US$1.6 billion.
All assets within it are on freehold lease, except the one in Singapore which is on leasehold land that is expiring in 2070.
#4 Diversified Global Portfolio
NTT DC REIT’s portfolio of data centres are in some of the largest markets across the US, Vienna, and Singapore. Four of the data centres are located in the US, where three are in northern California and one in northern Virginia, the largest market in the world.
The other two data centres are in Vienna and Singapore, which is the second largest market in APAC. This is expected to offer investors diversification and global exposure to data centres in different regions.
#5 High Occupancy Rate
As of the end of 2024, the REIT’s portfolio of assets had a high average occupancy rate of 94.3%, with a tenant mix of 49% colocation and 51% hyperscale customers.
In addition, over three quarters of contracts within its portfolio have fixed escalation rental rates that average 3.3%.
But, there may be a concentration risk, with a significant 31.5% of total monthly base rent coming from the top customer, a Fortune 100 US automotive company.
#6 Capital Recycling Model
The REIT adopts a “capital recycling” model. This means IPO proceeds will be used by NTT to finance new data centre buildouts, while existing ones are fed into the REIT for yield.
This structure supports acquisition and expansion plans across Asia, backed by NTT’s US$10 billion commitment to data centre expansion through 2027.
#7 Projected Yield Of 7.5%
The REIT projects an annualised distribution yield of 7.5% for the period from 1 July 2025 to 31 March 2026.
#8 Potential Earnings Uplift
The REIT’s manager has said that the portfolio could potentially benefit from an earnings uplift via asset enhancement initiatives (AEIs).
These include the implementation of improved cooling methods and the upgrading of mechanical and electrical systems – which should improve operations and help lower costs.
#9 Aggregate Leverage Of 35%
NTT DC REIT’s gearing ratio (or aggregate leverage) will stand at 35% when it lists. Around 70% of its borrowings are on fixed rates, or via hedges, while it has no debt maturities coming due in the next three years.
#10 Trading To Commence 14 July
For the Singapore public, the offer to subscribe to the NTT DC REIT IPO opened at 9pm on 7 July 2025 (Monday) and closed at 12pm on10 July 2025 (Thursday).
The REIT is then expected to start trading on the SGX at 2pm on 14 July 2025 (Monday).
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