NAME: NTT DC REIT’s $773 million IPO
LAW FIRM: Allen & Gledhill, Baker McKenzie, Clifford Chance, Shook Lin & Bok
JURISDICTION: Singapore
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Technology and telecommunications
NTT DC REIT’s $773 million IPO is our deal of the month for July.
Data centre real estate investment trust NTT DC REIT successfully debuted on the Singapore Exchange (SGX) with its $773 million public float, making it the biggest IPO of a Singapore REIT in over a decade. The IPO, which offers 599.9 million units priced at $1 per unit, attracted 7 significant cornerstone investors, including the Government of Singapore Investment Corporation (GIC).
NTT DC REIT possesses six data centres located in Austria, Singapore, and the United States, with a total valuation of $1.6 billion. The trust is supported by Japanese telecommunications companies Nippon Telegraph and Telephone Corp. With the stock launch, the REIT plans to invest further into the data centres.
Allen & Gledhill advised NTT DC REIT. The team was led by managing partner Jerry Koh and supported by partners Chua Bor Jern and Victoria Leong. Baker McKenzie acted as international counsel to the issuer. The team was led by London-based partners Charles Whitefoord and James Adams.
Clifford Chance advised the issue’s joint managers, joint global co-ordinators, bookrunners and underwriters. Its team was led by partner Jean Thio. Shook Lin & Bok acted as Singapore legal adviser to the trustee.