NTT DC REIT: The Bet on IPO to Scale APAC Data Centres
NTT DC REIT intends to raise gross proceeds of around US$773m from its initial public offering (IPO).
Announced this week, the Singapore data centre real estate investment trust says its IPO – expected on 14 July 2025 – will consist of 599.89 million units priced at US$1.00 per unit.
The organisation, which is backed by NTT Ltd, says cornerstone investors collectively hold a 16.8% stake. NTT DC REIT has six data centres located in Austria, Singapore and the US, which its statement on Monday said were valued at US$1.57bn altogether.
“If this is a one time trial to squeeze money, maybe we don’t take this IPO at this moment,” said Yutaka Torigoe, CEO of NTT DC REIT Manager, in the Monday briefing. “But this IPO is a continuous, sustainable development of our capital recycling system. This is a very long-term project for NTT Group, so we dare to start this project now.”
How the IPO intends to grow data centre efforts
Among the cornerstone investors are Singaporean GIC holding a 9.7% stake, with the statement suggesting it is the second-largest investor after NTT Ltd (25%).
The IPO portfolio has a value of around US$1.6bn, with a design infrastructure technology load of 90.7 megawatts (MW). As reported by The Business Times, it consists of six carrier-neutral, Tier III or Tier III-equivalent assets with operational and technical specifications that serve the high-value workloads of its customers.
Additionally, the portfolio is spread across Northern Virginia and Northern California, Vienna in Austria and Singapore and consists of both hyperscale and colocation customer contracts.
- The US: Two Tier III facilities in Northern Virginia and Northern California
- Europe: A Tier III asset in Vienna
- APAC: A Singapore asset on leasehold land expiring in 2070 & one in Indonesia
NTT DC REIT has said there could also be potential earnings uplift from asset enhancement initiatives. These could include implementing improved cooling methods and the upgrading of integral mechanical, electrical and plumbing systems – which could improve operational efficiency and lower operating costs within the data centre.
The IPO opened 7 July 2025 and closes 10 July 2025 at 2pm, with units expected to commence trading on 14 July at 2pm.
Douglas Stuart Adams, CEO of NTT Global Data Centers, says (as reported by Yahoo! Finance): “NTT DC REIT is a strategic pillar of NTT’s long-term capital strategy to scale our global data centre business.
“As a leading global telecommunications and technology group, we are committed to supporting NTT DC REIT with a portfolio of best-in-class, stabilised data centre assets for the long run, while continuing to reinvest in new data centre developments through disciplined capital recycling.”
Expanding efforts across APAC
NTT DC REIT is sponsored by NTT Group, the leading Japanese IT services and telecommunications group that also holds a global data centre business.
This global data centre division is the third-largest data centre provider globally, excluding China.
The company has strongly committed to boosting its data centre activities. Separately, its partly-owned subsidiary NTT Data recently acquired land across seven markets to support nearly a gigawatt of planned data centre capacity.
This was part of the company's previously announced US$10bn expansion plans that are expected to take place until 2027.
As global demand for data centre capacity continues to boom, operators have been looking towards the Asia-Pacific (APAC) market to invest – particularly as the region continues to experience a rapid digital infrastructure boom.
As AI and cloud services continue to surge in popularity, organisations like NTT DC REIT are eager to be leaders in the sector and manage growth with potential challenges like overcapacity and lease constraints.
