Having GIC as a cornerstone investor in NTT DC Reit’s IPO is a good move for the market too

THE listing by Japanese telecom giant’s NTT data centre real estate investment trust (Reit) is a welcome fillip for the local equities scene – it will be Singapore’s largest Reit initial public offering (IPO) in more than a decade. 

With a sponsor in global player NTT, there is the potential for NTT DC Reit to become the Asia-Pacific’s largest listed data centre Reit, say analysts. 

A notable aspect of this listing is sovereign wealth fund GIC’s involvement as a cornerstone investor. It is investing around US$100 million – no small beer – for a 9.8 per cent stake in the Reit, making it the second-largest shareholder after sponsor NTT.