To The Moon

Honored to be invited as a guest to witness the NTT DC REIT IPO debut on SGX today. It was a great pleasure meeting many VIPs and key figures at SGX. Excited to see such a landmark listing and the bright future ahead for data centre REITs!

Key Highlights

• Largest REIT IPO on SGX in a Decade: $NTT DC REIT USD(NTDU.SI)$, a data centre-focused real estate investment trust sponsored by NTT Group, debuted on the Singapore Exchange (SGX) today, marking the largest REIT listing on the exchange in ten years.

IPO Details:

• Offer Price: US$1.00 per unit

• Total Funds Raised: US$773 million

• Units Offered: About 600 million units (569.9 million via international placement, 30 million via Singapore public offer at S$1.276 per unit).

• Market Capitalisation at Listing: US$1 billion.

Trading Performance:

• Opened at US$1.02, peaked at US$1.03 (+3%), but closed flat at the IPO price of US$1.00 per unit.

  The volume-weighted average price for the day was US$1.0159.

Investor Demand:

• The Singapore public tranche was 9.8 times oversubscribed, with over 14,000 valid applications for the 30 million units available.

  Cornerstone investors, including Singapore’s sovereign wealth fund GIC (taking a 9.8% stake), AM Squared, Ghisallo Master Fund, Hazelview Securities, Pinpoint Asset Management, Viridian Asset Management, and UBS, subscribed to over 172 million units (16.8% of total units).

Portfolio & Strategic Importance

• Initial Portfolio: Six data centres (four in the US, one in Austria, one in Singapore) with a combined appraised value of US$1.6 billion and an IT load capacity of approximately 90 MW.

  Portfolio occupancy at end-2024: 94.3%

  Weighted average lease expiry: 4.8 years

• Growth Prospects: NTT DC REIT aims to expand its portfolio with a pipeline of high-quality data centre assets, leveraging the global platform of NTT, the world’s third-largest data centre provider (outside China).

Market & Industry Context

• Sector Growth: The global data centre market is experiencing rapid growth, driven by cloud computing and AI, with commissioned power rising from 18.2 GW in 2020 to 49.1 GW in 2024 (CAGR of 28.1%).

• SGX’s Position: The listing reinforces Singapore’s role as Asia’s leading REIT hub, expanding opportunities for investors to tap into digital infrastructure assets.

Remarks from Stakeholders

• SGX CEO Loh Boon Chye: The listing is expected to spur further REIT activity and demonstrates growing confidence in Singapore’s capital markets.

• NTT Global Data Centres CEO Doug Adams: Highlighted Singapore’s vibrant economic environment and the REIT’s potential to deliver dependable returns to investors.

NTT DC REIT’s debut is viewed as a significant milestone for both the sponsor and Singapore’s capital markets, offering investors exposure to the fast-growing data centre sector and reinforcing SGX’s status as a regional REIT launchpad