NTT DC REIT targets 130MW in global data centre acquisitions

Data centre demand remains strong, driven by cloud adoption and the rise of AI.

NTT DC REIT plans to acquire data centres with a combined power capacity of 130 megawatts across the US, Europe, the Middle East and Africa, and the Asia-Pacific region after its landmark listing on the Singapore Exchange.

“One key growth driver for us is the acquisition of stabilised assets from our sponsor, NTT Global Data Centers (NTT GDC), to increase the size and quality of our portfolio base,” Masayuki Ozaki, chief financial officer at NTT DC REIT, told Singapore Business Review.

Under the deal, NTT DC REIT holds the right of first refusal to acquire data centres from NTT GDC, a unit of Japan’s Nippon Telegraph and Telephone Corp. The sponsor’s global portfolio has a total power capacity of 2.2 gigawatts.

Ozaki said Singapore’s listing environment supports the REIT’s long-term acquisition strategy given its transparency, mature REIT ecosystem, and regulatory framework. He also said Singapore investors are more receptive to global assets, unlike Japan and Australia, where domestic preference is stronger.

“Singapore is a trusted financial center with a vibrant REIT ecosystem,” he said in an emailed reply to questions. “With strong support from the Singapore Exchange and a robust regulatory framework, it was clear that Singapore was the best option for us.

NTT DC REIT raised $994.9m (US$773m) in its initial public offering on 14 July, making it the biggest listing on SGX since 2017.
Ozaki said the REIT aims to help shape Singapore’s data centre market and spur investor interest in high-quality digital assets. He added that demand for data centres remains strong, driven by cloud adoption and the rise of artificial intelligence.

“Data center assets are generally resilient across market cycles due to their infrastructure and essential service utility-like profile,” he said. “The business case for them is still rationalised on the broader backdrop of AI implementation and cloud computing.”

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