Keppel DC REIT finalises investment agreements with M1
The deal is focused on M1’s network assets.
M1 Limited and Keppel DC REIT announced via a joint press release that investment by Keppel DC REIT into M1 Network Private Limited (NetCo) will push through.
Included in the company are M1’s mobile, fixed and fibre assets.
Through an asset transfer agreement, NetCo will acquire the network assets at a cash consideration of about $580m.
M1 and its mobile virtual network will also be in charge of day-to-day operation due to a 15-year network services agreement.
As a result of the investment, Keppel DC REIT is also expected to receive $11m each year for 15 years.
Anthea Lee, CEO, Keppel DC REIT, said that the proposed investment is in line with their strategy to provide unitholders with stable distributions. Other benefits also include the strengthening of income resilience and further diversification in income streams.