A subsidiary of Keppel DC REIT's trustee priced a €50.0 million issuance of floating rate notes due 2023 under its S$500.0 million multicurrency medium-term note program.

Perpetual (Asia) Ltd.'s Keppel DC REIT MTN Pte. Ltd. subsidiary is offering the notes in denominations of €100,000 or higher denominations of €1,000 at an issue price equivalent to 100% of the principal amount. The notes, expected to be issued April 10, will bear an annual interest of three-month Euro Interbank Offered Rate plus 0.70% payable quarterly, according to a release.

Net proceeds from the issuance will be directed toward Keppel DC REIT's refinancing acquisitions and/or investments. Some of the funds will also be used for general working and other capital expenditures of the Singapore-listed real estate investment trust and its subsidiaries.

ING Bank NV's Singapore branch is the sole dealer and book runner of the offering.

As of March 29, US$1 was equivalent to S$1.31.