SINGAPORE (THE BUSINESS TIMES) - Keppel DC Reit has acquired Borchveste Almere, its tenant at a data centre in the Netherlands, in order to hold a direct relationship with the sub-tenant, the real estate investment trust's (Reit) manager said in a bourse filing on Thursday (May 21).

The Reit's wholly-owned subsidiary, KDCR Almere, owns the data centre in Almere leased to Borchveste Almere.

Borchveste Almere's sole business is a sub-lease with a client for the data centre. The acquisition allows Keppel DC Reit to have a direct relationship with this client.

The Reit's trustee, Perpetual (Asia), on Wednesday purchased the entire issued share capital of Borchveste Almere from sellers Borchveste, Reggestaete Cybercenter, VolkerWessels Bouw & Vastgoedontwikkeling Deelnemingen, and Weshold Deelnemingen for a price of one euro (S$1.55).

The purchase price took into consideration the pro forma net asset value of Borchveste Almere shares as zero euro.

A Keppel DC Reit spokesperson said the Reit had not signed a lease directly with the sub-tenant since its initial public offering, because the lease was already signed with Borchveste Almere.

The acquisition is not expected to have a material impact on the Reit's financial performance for 2020.

In conjunction with the acquisition, Keppel Data Centres Holding - a subsidiary of the Reit's sponsor, Keppel Telecommunications & Transportation - agreed to be responsible for the expenses in relation to Borchveste Almere.

Keppel Data Centres owns a data centre adjacent to KDCR Almere's data centre.

Units of Keppel DC Reit closed at $2.43 on Wednesday, down $0.02 or 1 per cent.