Japan’s NTT files prospectus for DC REIT listing on SGX

The IPO could raise up to $1b.

Japan’s Nippon Telegraph and Telephone Corp (NTT) has filed a preliminary prospectus for its data centre real estate investment trust, NTT DC REIT, on the Singapore Exchange, according to a filing on the Monetary Authority of Singapore’s website, as reported by Reuters.

Earlier this week, Reuters also reported that NTT was preparing to lodge the prospectus with Singapore regulators and could seek a listing on the SGX as early as July.

While the preliminary filing does not specify the IPO size or timeline, sources familiar with the matter previously indicated the offering could raise up to $1b—potentially making it the largest IPO in Singapore in recent years.

If confirmed, the listing would surpass the $977m IPO of Digital Core REIT in 2021, according to data from LSEG.

The NTT DC REIT portfolio comprises six data centre assets across the United States, Austria, and Singapore, with a combined appraised value of approximately $1.6b, the prospectus showed.

The REIT is sponsored by NTT Ltd, part of NTT Group.

Cornerstone investors include Singapore sovereign wealth fund GIC, AM Squared Ltd, and Viridian Asset Management Ltd.