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Keppel DC Reit
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Joelton
Supreme |
18-Apr-2025 14:23
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Keppel DC Reit Q1 DPU up by 14.2% at S$0.02503 on acquisitions, strong portfolio performance
It sees Trump&rsquo s tariffs increasing complexity and regulatory uncertainty for data centre demand
[SINGAPORE] Keppel Data Centre Reit (Keppel DC Reit) : AJBU -0.98% recorded a higher distribution per unit (DPU) of S$0.02503 for the first quarter, up 14.2 per cent from S$0.02192 in the previous corresponding period, said its manager.
Distributable income (DI) for the period rose 59.4 per cent to S$61.8 million, from S$38.8 million in the year-ago period.
The rise in DPU and DI was driven by contributions from its acquisitions and a robust portfolio performance, said the manager on Thursday (Apr 17).
The manager added that the DI included capital expenditure reserves, which were set aside for computing the DPU based on eligible unitholders&rsquo entitlements.
Q1 rental income from Guandong data centres (GDCs) was net off via loss allowances which impacted the quarter&rsquo s DPU by S$0.00249.
Revenue for the quarter climbed 22.6 per cent to S$102.2 million from S$83.4 million in the first quarter of FY2024.
GDC&rsquo s rental income continued to be recognised under gross revenue and finance income, the manager said.
For Q1 of FY2025, net property income grew 24.1 per cent to S$88.1 million from S$71 million previously.
Higher net property income was primarily due to acquisitions of Keppel DC Singapore 7, Keppel DC Singapore 8 and Tokyo Data Centre 1, alongside higher contributions from contract renewals and escalations in 2024.
However, it was partially offset by the divestment of Intellicentre Campus and a one-off dispute settlement sum at Keppel DC Singapore 1, which was received in 2024.
Finance costs stood at S$12.5 million, down 4.1 per cent from S$13 million previously. This was due to interest rates decreasing and interest savings from loan repayments, but was partly offset by new loans in 2024 for acquisitions, said the manager.
Finance income rose 40.1 per cent to S$3.9 million from S$2.8 million in the year prior. Property expenses grew 13.9 per cent to S$14.1 million from S$12.4 million.
Aggregate leverage was 30.2 per cent as at Mar 31, 2025, lower by 130 basis points from Dec 31, 2024. The average cost of debt was 3.1 per cent. The interest coverage ratio for the trailing 12 months was at 5.8 times.
The manager noted that the Reit&rsquo s debt profile was &ldquo favourable&rdquo , stating that its sponsor subscription of S$85 million was completed in February 2025. This forms part of its equity fundraising of S$1.1 billion, launched in Q4 of 2024.
The Reit secured new loan facilities of around S$570 million that are available for drawdown, added the manager. This includes a S$150 million multicurrency green loan facility.
Portfolio occupancy stood at 96.5 per cent as at end March as portfolio reversion was at 7 per cent with no major contract renewals for the quarter.
Its portfolio weighted average lease expiry (Wale) was 7.1 years by lettable area. Wale by rental income was 4.4 years as a higher proportion of rental income was from colocation assets, which typically have shorter contractual periods, the manager noted.
With 78 unique clients in its portfolio as at March 2025, Internet enterprises contribute to the bulk of its rental income with a 63.1 per cent share. This is followed by clients in IT services who contribute to 16.9 per cent of rental income and telco clients with 15.9 per cent.
As at March 2025, its assets under management (AUM) stood at S$4.9 billion, with the Asia Pacific region taking up the lion&rsquo s share of 81.6 per cent of its AUM and Singapore with 66.3 per cent. It has 24 data centres across 10 countries.
Outlook: AI trends to drive growth
Artificial intelligence (AI) trends are set to drive data centre demand globally, said the manager. Generative AI workloads are fuelling most growth in data centre capacity at a projected compound annual growth rate of 39 per cent until 2030.
Asia-Pacific data centre demand is set to accelerate in 2025 as utilisation rates are expected to improve to 88.8 per cent.
The rise of competing AI models like DeepSeek stand to reshape expectations around AI&rsquo s infrastructure needs, said the manager.
Evolving AI governance alongside geopolitical developments such as US President Donald Trump&rsquo s sweeping tariffs could also &ldquo introduce new layers of complexity and regulatory uncertainty for data centre demand&rdquo .
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PiRPiR
Master |
17-Apr-2025 12:32
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Keppel DC Reit:: AJBU 0% The
manager on Thursday posted a higher first-quarter distributi per unit of S$0.02503, up 14.2 per cent from S$0.02192 year on year on contributior acquisitions and strong poruono performance. Gross revenue for the quarter climbed 22.6 per cent to S$102.2 million from S$83.4million previously. |
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yxtteiluj
Member |
03-Apr-2025 13:43
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Been looking into REITs lately, and it seems like a great way to generate passive income. Anyone else attending the REITs Symposium in May? I heard last years one was super insightful! The early bird seems good, hopefully the speakers are good too https://shareinve.st/1tsm | ||
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Joelton
Supreme |
29-Mar-2025 16:08
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Keppel DC REIT obtains two credit facilities worth $300 mil in total
The manager of Keppel DC REIT (KDC REIT) said that the REIT has obtained two loan facilities worth a total of $300 million, according to a bourse filing on March 28.
The two facilities are a $150 million revolving credit facility, and a $150 million revolving green credit facility.
The bourse filing does not state what the term facilities will be used to finance.
The manager said that the facility contains conditions where mandatory prepayment events may occur.
KDC REIT will be required to pay all outstanding loans together with accrued interest and all other moneys owing under or pursuant to the loan facilities within 10 business days in the event that the manager ceases to be a subsidiary of Keppel.
In the event the prepayment occurs and such an occurrence would cause a cross default under other borrowings of KDC REIT group, the aggregate level of utilised and unutilised facilities that may be affected is as at the date of this announcement $2,578 million excluding interest and fees.
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Joelton
Supreme |
25-Mar-2025 13:56
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More potential acquisitions, exclusive deals for Keppel DC Reit
It is looking to tap sponsor Keppel&rsquo s growing pipeline of data centres
[SINGAPORE] The manager of Keppel DC Real Estate Investment Trust (Keppel DC Reit) plans to capitalise on sponsor Keppel&rsquo s intended expansion of its portfolio of data centres to a gross power capacity of 1.2 gigawatts (GW) in the near term, it said in the annual report released on Monday (March 24).
&ldquo (That) will form a pipeline of assets that Keppel DC Reit may potentially acquire. Moreover, Keppel&rsquo s established track record and the extensive network with industry players provide us with access to exclusive, off-market deals from third parties,&rdquo said Christina Tan, chairman of Keppel DC Reit&rsquo s manager.
&ldquo We will continue to optimise our capital structure to support our growth ambitions,&rdquo she added.
In July 2024, the Reit acquired Tokyo DC 1, a three-storey shell and core data centre in West Tokyo, for 23.4 billion yen (S$209.2 million) In November, the Reit announced its acquisition of two artificial intelligence (AI)-ready data centres in Singapore, KDC SGP 7 and 8, for S$1.4 billion from its sponsor Keppel.
In its earnings release in February 2025, Keppel announced that its data centre portfolio had reached a gross power capacity of 650 megawatts in 2024, up by a factor of 2.7 times from 2018.
On top of its upcoming Bifrost Cable System (slated for completion in H2 2025), Keppel&rsquo s connectivity business is exploring the development of two more subsea cable systems between South-east Asia and other Asian regions, the company said. Keppel intends to expand its portfolio power capacity to 1.2 GW in the next few years, it added, capitalising on opportunities from rapid growth in digitalisation and AI.
The Reit&rsquo s asset portfolio distribution is currently made up of 65.3 per cent in Singapore, with an additional 15.4 per cent of its data centre assets based in Asia-Pacific countries including Australia, China, Japan and Malaysia.
The manager posted a distribution per unit for FY2024 of S$0.09451, up 0.7 per cent on the year.
For the full year, net property income was up 6.3 per cent at S$260.3 million, from S$245 million previously. Revenue rose 10.3 per cent on the year to S$310.3 million. Distributable income was up 3 per cent at S$172.7 million, from S$167.7 million previously. As at Dec 31, 2024, the Reit&rsquo s portfolio is valued at S$4.83 billion, with a total of 25 data centres across 10 countries. The Reit manager added that it would continue to pursue investments in newer and AI-ready assets.
Rising demand on growing AI market in Apac
The data centre market&rsquo s rapid expansion has been underpinned by growth from global cloud service providers, which accounted for 22.7 per cent of global supply in 2024, noted an independent review on the global data centre market by research firm DC Byte.
Additionally, with a surge in adoption of AI services, demand for co-located data centre services has sharply increased, averaging 43.9 per cent compound annual growth rates from 2019 to 2024.
DC Byte noted that while the supply of co-location services in the Asia-Pacific region has seen the most significant growth, especially in established markets such as Australia and Japan, emerging markets in South and South-east Asia present untapped potential for data centre demand, fuelled by the emergence of AI.
The Asia-Pacific&rsquo s AI market is projected to grow to US$82 billion by 2024, and at a compound annual rate of 17.5 per cent to reach US$215 billion by 2030, the report noted.
Further investments are expected to flow into these markets, driven by population growth and demographics, as well as improvements in digital infrastructure and data sovereignty regulations.
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minichart
Member |
20-Mar-2025 08:44
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https://www.minichart.com.sg/2025/03/20/keppel-dc-reit-sustainable-growth-in-singapore-green-shoots-in-china/Keppel DC REIT: Sustainable Growth in Singapore, Green Shoots in ChinaUOB Kay Hian maintains a BUY recommendation on KDCREIT with a target price of |
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minichart
Member |
11-Mar-2025 08:30
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https://www.minichart.com.sg/2025/03/11/s-reits-set-for-comeback-in-2025-interest-costs-stabilizing-logistics-data-centers-lead-the-way/S-REITs Set for Comeback in 2025: Interest Costs Stabilizing, Logistics & Data Centers Lead the Way
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MrBear12
Supreme |
17-Feb-2025 09:11
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Good move | ||
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Joelton
Supreme |
17-Feb-2025 09:10
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Keppel DC REIT to sell Kelsterbach Data Centre in Frankfurt for 50 million euros
Keppel DC REIT plans to divest its Kelsterbach Data Centre in Frankfurt for 50 million euros, or $70.6 million. Part of the proceeds will be used to pare debt. On a pro forma basis, the REIT' s aggregate leverage will improve by 0.3 percentage points to 31.2%.
The sale is expected to be completed in 1HFY2025, leaving Keppel DC REIT with one data centre in Germany, also near Frankfurt.
Following the sale, Keppel DC REIT' s portfolio occupancy will remain high at 96.6%, while the weighted average lease expiry (WALE) by lettable area will improve from 6.3 years to 7.4 years.
&ldquo The divestment of Kelsterbach Data Centre aligns with the REIT' s strategy to concentrate on the hyperscale data centre market where demand trends match Keppel DC REIT&rsquo s core competencies, says Loh Hwee Long, CEO of the manager.
" This further strengthens the resilience of our portfolio, which is firmly anchored by hyperscale clients with overall high occupancy and long WALE," says Loh.
" Our proactive portfolio management strategy enables us to unlock value and redeploy capital into higher-yielding data centre assets, that will further optimise returns to our Unitholders," he adds.
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PiRPiR
Master |
03-Feb-2025 14:57
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09:26 PM EST, 02/02/2025 (MT Newswires) -- Keppel DC REIT (SGX:AJBU) thorugh its manager, Keppel DC REIT Management, issued 40,670,000 sponsor subscription units at an issue price of SG$2.090 per sponsor unit, according to a filing with the Singapore Exchange on Monday.
Trading of the units commenced the same day. Following the issue of the units, the total number of units in issue now stands at 2,249,745,362 units. |
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PiRPiR
Master |
29-Jan-2025 11:29
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https://www.scmp.com/week-asia/economics/article/3296614/deepseek-disrupts-malaysias-southeast-asias-data-centre-dreams-amid-investment-rethink | ||
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PiRPiR
Master |
28-Jan-2025 21:44
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https://www.straitstimes.com/business/companies-markets/singapores-data-centre-reits-fall-on-deepseek-threat-analysts-warn-of-fallout
Singapore?s data centre Reits fall on DeepSeek threat analysts warn of fallout |
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PiRPiR
Master |
28-Jan-2025 02:14
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https://www.theedgesingapore.com/capital/brokers-calls/analysts-trim-keppel-dc-reits-fy2025-dpu-acquisitions-larger-unit-base-and
Analysts trim Keppel DC REIT?s FY2025 DPU on acquisitions, larger unit base and Guangdong DC rental issues |
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superstartup
Supreme |
27-Jan-2025 13:44
Yells: "Enjoy doing Fundamental Research" |
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Watch out for other local AI related stocks. Think they laggard, yet to fall much. All watching closely tonight is it a knee jerk reaction for the day, or multi-days fall liao. . . All trade w care. | ||
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bernardc
Elite |
27-Jan-2025 13:35
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Wah....lao said today
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superstartup
Supreme |
27-Jan-2025 13:32
Yells: "Enjoy doing Fundamental Research" |
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Maybe due to DeepSeek AI news, rolling all AI related stocks, including US nasdaq futures | ||
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beng1102
Elite |
27-Jan-2025 13:09
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Why drop so much?
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Joelton
Supreme |
25-Jan-2025 13:11
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Our 2025 picks: Keppel DC REIT &mdash Safe investment with recurring income
With the outlook for interest rates murky, it may be best to stay with data centres as an investment theme. Global inhabitants continue to consume and produce vast quantities of digital data. According to DigitalReportal, 5.52 billion people were using the internet at the start of October 2024, equivalent to 67.5% of the world&rsquo s population. Internet users continue to grow too, with the latest data indicating that the world&rsquo s connected population grew by 151 million users in the 12 months to October 2024.
Based on the artificial intelligence (AI) megatrend and the rising number of digital natives, data centre occupancy is likely to remain high despite new supply. AI is required to help sift through the ever-increasing amount of data collected in data centres.
According to global tech market intelligence provider IDC, organisations are projected to have spent US$235 billion ($321 billion) on AI. This figure is expected to reach over US$630 billion by 2028, representing a CAGR of 30%.
Data centres are experiencing critical supply shortages in many markets, according to JLL in its 2025 outlook report. This is despite a high number of completions this year, which are forecast to be above the 2021&ndash 2024 peak in the US, Europe and Asia Pacific. &ldquo Shortages will still exist &mdash such is the growing demand for data centres, boosted by AI requirements, that even this increase in supply will be only a fraction of what the market needs,&rdquo JLL says.
Investors need to invest wisely, though. &ldquo Interest rates and financing costs unlikely to return to 2021 lows. Performance will be more determined by asset, market and sector selection and active management to drive income growth,&rdquo JLL cautions.
A safe investment for investors looking for recurring income could be Keppel DC REIT, analysts suggest. &ldquo In the upcoming results, we expect Keppel DC REIT to show the strongest interim DPU growth at +9.5%,&rdquo says Goldman Sachs in an update on Jan 17. Keppel DC REIT&rsquo s DPU in 3QFY2024 ended Sept 30, 2024 was 2.5 cents. In contrast, REITs under Goldman Sachs&rsquo coverage is expected to show a 2% decline in DPU on average.
&ldquo In the upcoming results, we believe Keppel DC REIT could &lsquo beat&rsquo [consensus estimates] as its recent advanced distribution implies FY2024 DPU of 9.38 cents, 2% ahead of consensus,&rdquo JP Morgan concurs.
The US banking behemoth says that along with recent weakness in regional currencies vs SGD/USD investors should focus on S-REITs with Singapore or US assets. Keppel DC REIT&rsquo s exposure to Singapore has increased to 63% (or $3.1 billion) of total assets of $4.9 billion (from 53% as at the end of Sept 30, 2024) following the acquisition of Keppel DC Singapore 7 (KDC SGP 7) and Keppel DC Singapore 8 (KDC SGP 8) in December last year.
Both KDC SGP 7 and KDC SGP 8 are immediately DPU-accretive by as much as 11.1%, taking pro forma 1HFY2024 DPU to 5.055 cents.
Following the Singapore acquisition, on a pro forma basis, Europe comprises 19.8% of assets under management and China&rsquo s share declines to 5.1% from 7% as of end of Sept 30, 2024.
Both KDC SGP 7 and KDC SGP 8 are colocation AI-ready data centres. Additionally, Singapore is the top data centre hub in Asia with extensive undersea cable networks and high-speed internet access. Demand in the Lion City continues to be fuelled by increasing digitalisation, continued cloud adoption and AI.
As one of the most power-constrained markets globally, Singapore&rsquo s colocation vacancy rate of around 1% and among the lowest in Asia Pacific. Before the acquisition of KDC SGP 7 and KDC SGP 8, colocation data centres Keppel contributed 67.2% to rental income.
Contracted rentals for KDC SGP 7 and KDC SGP 8 on take-or-pay basis are estimated to be at least 15% to 20% below comparable market colocation rents. Colocation rents in Singapore for data centre capacity are expected to trend upwards over the next few years given the tight demand-supply dynamic, according to DC Byte.
&ldquo With demand expected to exceed supply in the coming years, utilisation rates are expected to rise from 99.1% in 2024 to 99.4% in 2028,&rdquo says Keppel DC REIT&rsquo s manager, referring to colocation assets, in the REIT&rsquo s circular for its December EGM.
Since Keppel DC REIT is one of the largest owners of stabilised data centre assets in Singapore, it is poised to benefit from further growth in colocation rates &ldquo underpinned by strong demand and limited capacity&rdquo , analysts say.
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Joelton
Supreme |
25-Jan-2025 13:09
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No major impact from Johor data centres, US export ban: Keppel DC Reit manager
The real estate investment trust&rsquo s H2 DPU is up 13.2% at S$0.04902
NEW data centres in Johor, Malaysia, and the US chip export ban are unlikely to have a big impact on Keppel DC Reit : AJBU +2.25%, said the manager on Friday (Jan 24).
The workloads in Johor are different from those in Singapore, with the data centres in the Republic doing artificial intelligence (AI) inference work rather than training, the manager said in its fourth quarter 2024 earnings call. Singapore and Johor are targeting different market segments, which would be good for the entire ecosystem.
Loh Hwee Long, chief executive of Keppel DC Reit Management, said: &ldquo This is the higher-value type of AI computing work that will continue to reside in Singapore because of the very strong connectivity features we have here, as well as the ease of doing business and stability.&rdquo
The manager posted a distribution per unit (DPU) of S$0.04902 for the second half ended December, up 13.2 per cent from S$0.04332 in the previous corresponding period.
This brings total DPU for FY2024 to S$0.09451, up 0.7 per cent on the year.
Excluding the impact from the new units raised via a pro-rata preferential offering prior to the completion of the acquisition of Keppel DC Singapore 7 and Keppel DC Singapore 8, DPU for H2 2024 would have been S$0.04955, up 14.4 per cent from the previous corresponding period.
Total DPU would have increased by 1.3 per cent to S$0.09504.
Factors behind higher full-year DPU
The higher full-year DPU comes amid a rent increase, distribution arising from the settlement sum related to the dispute that the real estate investment trust (Reit) has with DXC Technology Services Singapore, as well as contributions from Tokyo Data Centre 1.
But it was partially offset by loss allowances for the Reit&rsquo s Guangdong data centres, higher finance costs in H1 2024, as well as the depreciation of foreign currencies against the Singapore dollar.
Based on its closing price of S$2.18 on Dec 31, 2024, the Reit&rsquo s distribution yield for FY2024 was 4.3 per cent.
The distribution for H2 will be paid on Mar 17, after the record date of Feb 5.
Distributable income rose 20.2 per cent to S$91.9 million for H2, from S$76.4 million in the corresponding period of the year before.
Revenue rose 8.8 per cent on the year to S$153.1 million, from S$140.7 million, mainly due to strong reversions and escalations across the Reit&rsquo s portfolio, as well as contributions from the Tokyo data centre.
But gains from the purchase of the Japan asset were partially offset by the sale of its Sydney data centre, Intellicentre Campus.
Net property income (NPI) was up 8.5 per cent at S$127.6 million for H2, from S$117.6 million, although property operating expenses rose 10 per cent on higher facility management fees from the Singapore assets.
For the full year, NPI was up 6.3 per cent at S$260.3 million, from S$245 million previously. Revenue rose 10.3 per cent on the year to S$310.3 million. Distributable income was up 3 per cent at S$172.7 million, from S$167.7 million previously.
In April, the Reit divested its Sydney data centre for A$174 million (S$152.1 million), and reinvested some of the proceeds into an Australian data centre note with an initial yield of about 7 per cent.
Loh believes the Reit is &ldquo well-positioned&rdquo to capture the rising demand for more advanced, artificial intelligence-ready data centres.
The recent news of the US&rsquo export limits on graphics processing units (GPUs) is also unlikely to have a major impact on the Reit. Singapore is classed as a Tier 2 country, with a cap on the maximum computing power of about 50,000 GPUs. Companies can bypass the limit if they apply for validated end-user status, which will not count towards the national cap.
&ldquo Of course, I think that news will come into play as we evaluate (the situation) on a forward basis in terms of our acquisition strategy, which we&rsquo ll look out for,&rdquo he said.
The recent sale of Basis Bay Data Centre in Malaysia is expected to be completed around Q3 2025.
The Reit&rsquo s portfolio by assets under management, which is worth some S$5 billion as at end-December 2024, stood at 80.7 per cent in the Asia-Pacific and 19.3 per cent in Europe.
As at Dec 31, 2024, portfolio occupancy stood at 97.2 per cent. The weighted average lease expiry by lettable area of its overall portfolio was 6.3 years.
In FY2024, the Reit recorded positive portfolio reversion of about 39 per cent.
Keppel DC Reit&rsquo s aggregate leverage as at Dec 31 stood at 31.5 per cent, down 820 basis points from Sep 30, 2024. This was mainly due to the purchase of the Singapore 7 and 8 data centres, which was largely funded by equity fundraising.
Its average cost of debt was 3.1 per cent for Q4 2024 and 3.3 per cent for the year to date. Its weighted average debt tenor is 3.2 years. Some 66 per cent of the Reit&rsquo s borrowings are fixed through interest rate swaps.
As at Dec 31, 2024, Keppel DC Reit had an interest coverage ratio of 5.3 times.
Outlook
Looking ahead, the Reit manager said that vacancy rates for data centres will continue to decline across global markets due to strong demand for cloud adoption by both governments and businesses.
The global outlook remains risky, it added, noting that there could be new spikes in commodity prices amid persistent geopolitical tensions, as well as trade tensions.
But the manager said it will continue to grow its portfolio of data centres and strengthen its presence across key international data centre hubs.
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Joelton
Supreme |
24-Jan-2025 10:50
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Keppel DC REIT reports slight increase in DPU for FY2024 due to Tokyo acquisition and strong reversions
Keppel DC REIT has reported a distribution per unit (DPU) for FY2024 ended Dec 31 of 9.451 cents, a 0.7% y-o-y increase. DPU for the 2HFY2024 increased by 13.2% y-o-y to 4.902 cents as a result.
Excluding the impact of the pro-rata preferential offering in December 2024, the adjusted DPU for FY2024 would have been higher at 9.504 cents, a 1.3% increase from FY2023&rsquo s DPU of 9.383 cents.
The REIT&rsquo s distributable income for FY2024 grew by 3% y-o-y to $172.7 million, from $167.7 million in the same period a year ago. The 2HFY2024 distributable income came in at $91.9 million, up 20.2% y-o-y from $76.4 million in the same period a year before.
This growth was mainly due to contributions from the acquisition of Tokyo Data Centre 1, strong reversions and escalations as well as the favourable outcome from the resolution of the dispute between Keppel DC Singapore 1 and DXC Technology Services Singapore, says the REIT.
Keppel DC REIT says that this increase was partially offset by higher finance costs in 1HFY2024 and less favourable foreign exchange hedges entered for foreign-sourced income in 2024.
Gross revenue for the FY2024 grew 10.3% y-o-y to $310.29 million, and gross revenue for the 2HFY2024 grew 8.8% y-o-y to $153.11 million.
The REIT notes that Guangdong DCs 4QFY2024 income netted off via loss allowances, and this impacted 2HFY2024 DPU of 0.254 cents.
Finance costs decreased marginally mainly due to lower interest costs and interest savings from loan repayments in 2024 partially offset by acquisitions in 2024, according to the REIT.
As at Dec 31, 2024, the REIT has a portfolio occupancy of 97.2%, and a portfolio weighted average lease expiry (WALE) of 6.3 years.
The REIT has an average cost of debt of 3.1% and aggregate leverage of 31.5% as at Dec 31, 2024. The REIT says that its aggregate leverage improved 820 basis points compared to Sept 30, 2024, mainly due to the acquisition of KDC SGP 7 & 8 which was funded mainly by equity fund raising (EFR).
The EFR conducted in 4Q2024 included an upsized private placement of $700 million and a
preferential offering of $301 million. The private placement was upsized by $100 million and was 3.4 times covered, with the majority of the book allocated to real estate specialists and long-only investors.
The sponsor subscription of $85 million, as part of this EFR, is expected to be complete in 1Q2025.
The REIT notes that vacancy rates for data centres continue to decline across most global markets due to strong demand from cloud adoption by both governments and businesses. It aims to continue growing its portfolio of data centres and strengthen its presence across key international data centre hubs.
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