Keppel DC REIT - Phillip Securities 2024-11-25: Acquisition Of Keppel DC Singapore 7 & 8

• Keppel DC REIT is proposing to acquire Keppel DC Singapore 7 (SGP 7) and Keppel DC Singapore 8 (SGP 8), situated at Genting Lane, for a total consideration of ~S$1.438bn (including 10- year land lease tenure extension).
• - Read this at SGinvestors.io -

Transaction Highlights

• Keppel DC REIT announced the proposed acquisition of Keppel DC Singapore 7 (SGP 7) and Keppel DC Singapore 8 (SGP 8), situated at Genting Lane, for a total acquisition cost of ~S$1.438bn.
• The transaction will be done in three phases:
  1. Acquisition of a 99.49% economic interest in SGP 7 and SGP 8 through a notes structure for S$1.025bn.
  2. - Read this at SGinvestors.io -
  3. Extension of land tenure for another 10 years for ~S$365mil.
• The transaction is to be funded by:
  1. A private placement at S$2.09 to raise ~S$700mil. The private placement (including the upsize option) was 3.4 times covered.
  2. A preferential offering at S$2.03 based on 86 new units for every 1,000 existing units to raise S$301mil.
  3. Sponsor subscription at S$2.09 to raise S$85mil.
  4. The balance is to be funded by debt.

Impact to DPU & AUM

• Read more at SGinvestors.io.

Darren Chan Phillip Securities Research | http://www.poems.com.sg/ 2024-11-25 SGinvestors.io

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