Having GIC as a cornerstone investor in NTT DC Reit’s IPO is a good move for the market too
GIC’s US$100 million investment in the Reit is small relative to its portfolio, but it sends a signal to the local bourse that major listings are back
THE listing by Japanese telecom giant’s NTT data centre real estate investment trust (Reit) is a welcome fillip for the local equities scene – it will be Singapore’s largest Reit initial public offering (IPO) in more than a decade.
With a sponsor in global player NTT, there is the potential for NTT DC Reit to become the Asia-Pacific’s largest listed data centre Reit, say analysts.
A notable aspect of this listing is sovereign wealth fund GIC’s involvement as a cornerstone investor. It is investing around US$100 million – no small beer – for a 9.8 per cent stake in the Reit, making it the second-largest shareholder after sponsor NTT.
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