NTT DC REIT is part of NTT Group, one of the world’s largest data center operators.
Akio Kon/Bloomberg
NTT DC REIT, the global data center real estate investment trust of Japanese telecoms giant NTT Group, made a muted debut on the Singapore stock exchange Monday, despite growing investor interests in data centers amid the AI boom.
NTT DC REIT finished its first trading day unchanged at $1, giving it a market cap of roughly $1 billion. The investment trust raised $773 million in its IPO, the largest in Singapore since 2017, when Singtel’s broadband unit NetLink NBN Trust launched a $1.7 billion public listing.
Among the seven cornerstone investors are Singapore’s sovereign wealth fund GIC, which is the investment trust’s second-largest shareholder after sponsor NTT. Other cornerstone investors include hedge funds Ghisallo Capital Management and Pinpoint Asset Management.
NTT DC REIT said it will use the proceeds to acquire 100% interest in its portfolio that includes six data centers—three in California, one in Virginia, one in Vienna and one in Singapore. The portfolio, which has a combined capacity of 90.7 megawatts, is worth about $1.6 billion.
In the 12 months through March, NTT DC REIT posted a 9% decrease in revenue to $178.7 million. It attributed the drop to the change of the anchor tenant at one of its California data centers, which resulted in a vacancy period of up to 6 months.
The investment trust’s data centers generated 51% of its $12.2 million total monthly base rent from global cloud service providers and tech giants as of 2024, with the rest coming from companies renting server space. Its portfolio boasted an overall occupancy rate of 94.3%, with a weighted average lease expiry of 4.8 years.
NTT DC REIT is part of NTT Group, which is one of the world’s largest data center operators with a portfolio of 91 sites providing more than 2,200 megawatts in capacity.
NTT DC REIT’s IPO gave a much-needed boost to Singapore’s subdued listing market. So far this year, the city-state has only seen three listings raising roughly $840 million, with more than 90% of that amount coming from NTT DC REIT’s IPO.
In stark contrast, rival Hong Kong reclaimed its crown as the world’s top listing venue in the first half of 2025, with 42 companies raising a total of $13.6 billion. The city’s IPO revival has prompted some companies to switch their listings from Singapore, including Thai coconut water producer IFBH.
