Keppel divests of German data centre

Its completion is expected to take place in the third quarter of this year.

Keppel Corporation Limited (KCL) announced the proposed disposal of a data centre facility in Frankfurt, Germany to a wholly-owned subsidiary of Iron Mountain, Inc. (IRM).

KCL, in an announcement on Thursday, said that Calcium DC Pte. Ltd., a 60-40 joint venture through Alpha DC Fund Private Limited (ADC) and Keppel Data Centres Holding Pte. Ltd., through its indirect wholly-owned subsidiaries Graphite (DC) BV (Graphite) and Keppel Vector (DC) GmbH (Vector), divesting the data centre facility known as Keppel DC Frankfurt 1 at Frankfurt am Main in Germany.

The aggregate cash consideration to be paid by the IRM for the proposed divestment is EUR76m (approximately S$121.60m). This is subject to post-completion adjustments based on receipts received and advance payments by Graphite and Vector that will be attributable to the period ended at completion.

“The Consideration was arrived at on a willing-buyer, willing-seller basis, taking into account the book value of the Property as at 31 December 2020 of EUR 63.0 million (approximately SGD 100.8 million). Completion of the Proposed Divestment is expected to take place in 3Q 2021,” it said.

“None of the directors and controlling shareholders of the Company has any interest, direct or indirect, in the Proposed Divestment, other than through their interests, if any, in the Company and ADC Fund,” Keppel said, adding that the proposal is not expected to have any impact on the net tangible assets per share or earnings per share for the current financial year.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

It got Asian Infrastructure Investment Bank as its investor.
This optimistic performance is expected to continue until March 2022.
The stock saw a contradicting rise of 51%, despite the STI observing a dip of 4.2% during the period. 
Along with this, the group recommends a green financing bank.
The SGX listed SPAC raised $23.4m from the offering.
They believe crypto's value will increase in the next five years.
ThaiBev had the most growth.
VSTPL’s failures placed the trust at a higher risk of being used as a conduit for illegal activities, says MAS.
The growth rate estimate is lower than the 2021 forecast of 6.6%.
The bank assured customers that it employs a multi-layered defence system against fraud.
This after S-REITs delivered a modest 6% in total returns in 2021. 
Banks are asked to remove links in emails and SMS sent to customers.
It will redeploy the proceeds from this divestment into higher-yielding assets.
The US, the UK, and Australia were their top destinations during the year-end.