- NTT DC REIT (SGX:NTDU) is a newly listed pure-play Singapore REIT (S-REIT) with a portfolio of six high-quality data centre (DC) assets – four in the US, one in Austria, and one in Singapore.
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- The REIT’s sponsor, NTT Group, is the world’s third largest DC provider, with a strong growth pipeline.
Modern assets with low power usage effectiveness (PUE).
- The average age of its assets since operational commencement is about 12 years. All assets have undergone refurbishments over the last three years, thereby minimising near-term capex requirements. All assets except for the one in Singapore are on freehold land.
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Good rent growth potential from under-rented portfolio.
- Based on independent market research reports, NTT DC REIT’s assets are considerably under-rented (~9-76% below market rents), with the biggest rent growth potential coming from its Singapore and Northern California assets. In particular, with a short WALE of below one year, its Singapore asset offers strong near-term growth potential.
- As at 1HFY26, NTT DC REIT's portfolio occupancy rate is at a healthy 95.1%, and based on its IPO prospectus, management expects the occupancy rate to rise to 97.6% and 97.7% by end-FY26 and end-FY27.
1HFY26 DPU beat the forecasts stated in its IPO by 3.3%.
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