Digital Core REIT to raise $600 mn in Singapore's biggest IPO this year

Digital Core REIT, sponsored by U.S.-listed Digital Realty Trust, is set to raise $600 million in an initial public offering (IPO) in Singapore, the largest listing in the city-state this year, the company said in its prospectus on Monday.

The Real Estate Investment Trust (REIT), which owns 10 freehold data centres in the United States and Canada worth around $1.4 billion, is issuing 682 million units at $0.88 per a piece, excluding a greenshoe option worth $47 million.

Blackrock Inc, Eastspring Investments, Fullerton Fund Management and AIA Investment Management are among the cornerstone investors in the IPO. The cornerstone investors are buying shares worth $365 million or 61% of the total offer.


The retail component, around $12 million, opens on Monday. Shares totalling $223 million are being placed to other institutions.

The REIT will list on Dec. 6.