Keppel DC REIT is acquiring two data centers in Singapore and plans to raise approximately S$473.8 million to fund the purchases.
The Singapore-based real estate investment trust said Sept. 16 that its manager signed a deal to buy a 99% stake in the Keppel DC Singapore 4 data center for about S$384.9 million. The seller is a joint venture between an Alpha Investment Partners Ltd. fund and Keppel Data Centres Holding Pte Ltd., an entity that will hold the remaining 1% interest in the facility.
The manager also agreed to acquire the 1-Net North Data Centre for a total of S$200.2 million from a partnership between units of Keppel Infrastructure Trust and Shimizu Corp. The two acquisitions are expected to be completed in the fourth quarter, subject to shareholders approval and other conditions.
The proposed purchases will be funded through a fully underwritten equity fund raising of roughly $473.8 million, as well as debt, the REIT added in the filing.
As of Sept. 13, US$1 was equivalent to S$1.37.
