Japanese telco giant NTT weighs data centre Reit IPO on SGX mainboard

SINGAPORE - After a spate of delistings from its mainboard in 2025, the Singapore Exchange (SGX) could be looking at a much-needed rebound with a potential real estate investment trust (Reit) listing by Japanese telecommunications group Nippon Telegraph and Telephone (NTT).

NTT Data Group, a subsidiary of NTT which offers technology and data solutions, has filed a preliminary prospectus with the Monetary Authority of Singapore (MAS) for a Reit listing of its data centres on the SGX mainboard.

NTT DC Reit’s portfolio will comprise six data centre assets across three markets: four in the US, one in Austria and the sixth in Singapore with a total appraised value of US$1.6 billion (S$2 billion). The offering price for the Reit will be US$1 per unit.

Among the Reit’s cornerstone investors is Singapore’s sovereign wealth fund GIC, which will subscribe for 100.88 million units valued around US$100.88 million. Other investors include AM Squared, Hazelview Securities, Pinpoint Asset Management and Viridian Asset Management.

If successful, NTT DC Reit would be the third data centre Reit to list in Singapore, following Keppel DC Reit and Digital Core Reit.

The Japanese telco is among the world’s largest data centre providers with a portfolio spanning 2,200MW of IT power globally. It said in its prospectus that there is “significant growth in the global data centre market with further headroom for expansion”.

According to a report by Fortune Business Insights in June, the global data centre market size was valued at US$242.7 billion in 2024, and is expected to grow to US$584.8 billion by 2032, with an annual growth rate of 11.7 per cent.