KPLD announced that its wholly owned subsidiary, DC REIT Holdings Pte Ltd, has entered into a subscription agreement with Keppel DC REIT Management Pte. Ltd., the manager of Keppel DC REIT, to subscribe for ~43.3m units in Keppel DC REIT at a price per unit equal to the issue price in the upcoming offering. This is expected to constitute 4.9% of the total number of units in issue, and the offering price will be determined using a book-building process between the underwriters of the offering and the REIT Manager before the registration of the final prospectus of the Keppel DC REIT. The consideration for the REIT units will be paid by KPLD in cash and subject to a lock-up agreement for a period of six months from the date of listing. Maintain BUY on KPLD with an unchanged fair value estimate of S$4.09
Expected to subscribe for 4.9% of Keppel DC REIT
KPLD announced that its wholly owned subsidiary, DC REIT Holdings Pte Ltd, has entered into a subscription agreement with Keppel DC REIT Management Pte. Ltd., the manager of Keppel DC REIT, to subscribe for ~43.3m units in Keppel DC REIT at a price per unit equal to the issue price in the upcoming offering. This is expected to constitute 4.9% of the total number of units in issue, and the offering price will be determined using a book-building process between the underwriters of the offering and the REIT Manager before the registration of the final prospectus of the Keppel DC REIT. The consideration for the REIT units will be paid by KPLD in cash and subject to a lock-up agreement for a period of six months from the date of listing.
Rationalizing and growing data centre segment
To recap, on 10 Nov 2014, KPLD had agreed to sell its indirect 30% stakes in two data centre assets known as S25 and T25 at 25 Serangoon North Ave 5 and 25 Tampines St 92, respectively, for total net proceeds of ~S$96m and divestment gains of ~S$65.9m. We understand that the sale is dependent on the successful IPO of Keppel DC REIT. In addition, on 21 Nov 2014, Keppel Data Centres Holdings Pte Ltd (KDCH), a 70-30 joint venture between Keppel Telecommunications and Transportation Ltd (Keppel T&T) and Keppel Land Limited (KPLD) also announced that it has entered into a sale and purchase agreement to acquire, for an amount yet to be disclosed, a data centre (Almere Data Centre 2) in Almere, the Netherlands, from the Reggeborgh Group and VolkerWessel Group. KDCH had signed, on the same day, a binding letter of intent with a major tenant who committed to lease approximately 40% of the space at Almere Data Centre 2. Maintain BUY rating on KPLD with an unchanged fair value estimate of S$4.09
KPLD announced that its wholly owned subsidiary, DC REIT Holdings Pte Ltd, has entered into a subscription agreement with Keppel DC REIT Management Pte. Ltd., the manager of Keppel DC REIT, to subscribe for ~43.3m units in Keppel DC REIT at a price per unit equal to the issue price in the upcoming offering. This is expected to constitute 4.9% of the total number of units in issue, and the offering price will be determined using a book-building process between the underwriters of the offering and the REIT Manager before the registration of the final prospectus of the Keppel DC REIT. The consideration for the REIT units will be paid by KPLD in cash and subject to a lock-up agreement for a period of six months from the date of listing.
Rationalizing and growing data centre segment
To recap, on 10 Nov 2014, KPLD had agreed to sell its indirect 30% stakes in two data centre assets known as S25 and T25 at 25 Serangoon North Ave 5 and 25 Tampines St 92, respectively, for total net proceeds of ~S$96m and divestment gains of ~S$65.9m. We understand that the sale is dependent on the successful IPO of Keppel DC REIT. In addition, on 21 Nov 2014, Keppel Data Centres Holdings Pte Ltd (KDCH), a 70-30 joint venture between Keppel Telecommunications and Transportation Ltd (Keppel T&T) and Keppel Land Limited (KPLD) also announced that it has entered into a sale and purchase agreement to acquire, for an amount yet to be disclosed, a data centre (Almere Data Centre 2) in Almere, the Netherlands, from the Reggeborgh Group and VolkerWessel Group. KDCH had signed, on the same day, a binding letter of intent with a major tenant who committed to lease approximately 40% of the space at Almere Data Centre 2. Maintain BUY rating on KPLD with an unchanged fair value estimate of S$4.09
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