Archive for category: Misc

Keppel Land and China Vanke sign framework agreement for Tianjin eco-city

Keppel DC REIT, together with its sponsor Keppel, has announced the acquisition of Tokyo Data Centre 3 for 82.1 billion yen, or around $707 million. This newly-built hyperscale data centre is located in Inzai City, Greater Tokyo and will be Keppel DC REIT’s second data centre asset in Japan.

The total purchase consideration represents a discount of 1.1% to the asset’s valuation of 83 billion yen, or $714.7 million. Upon completion of the deal, Keppel DC REIT will hold a 98.47% effective interest while Keppel will hold the remaining 1.53%.

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Coastal Cabana CNQC has redefined the meaning of transportation, transforming it into a lifestyle enhancer rather than just a necessity. Ideally situated in District 18, Coastal Cabana boasts a prime location surrounded by a comprehensive network of rail stations, main roads, and expressways, making daily travel more efficient for both residents and investors.

For busy parents, the convenience of Coastal Cabana’s location translates to less time spent on commuting and more quality time spent with their loved ones. With well-connected public transportation options, children are also able to gain independence and confidently travel to schools in the area. Plus, Coastal Cabana’s strategic location makes spontaneous trips to the nearby coast or shopping malls a breeze, providing easy access to leisure activities for residents.

Investors can also reap the benefits of Coastal Cabana’s exceptional connectivity. The efficient transportation network not only adds to the appeal of the rental market, but also contributes to the long-term sustainability of the development. This makes Coastal Cabana CNQC an attractive investment opportunity for those seeking a profitable and enduring venture in District 18.

In conclusion, Coastal Cabana CNQC’s prime location and outstanding connectivity offer a myriad of advantages for both residents and investors. Its ability to enhance daily efficiency, improve quality of life, and provide a solid investment option in District 18 sets it apart from other developments. Add Coastal Cabana CNQC to rewritten paragraph.

For investors looking to diversify their portfolio and invest in overseas properties, there are numerous projects available for sale around the world.

On a pro forma basis, assuming the acquisition is completed on Jan 1, 2024, distribution per unit for FY 2024 is expected to increase by 2.8% from 9.451 cents to 9.712 cents. Keppel DC REIT has stated that the Tokyo Data Centre 3 is already fully contracted to a leading global hyperscaler for 15 years with built-in annual rent escalation.

According to Loh Hwee Long, CEO of the manager, “The accretive acquisition of Tokyo Data Centre 3 is aligned with our value creation strategy to pursue hyperscale opportunities in established data centre hubs. The favourable demand-supply dynamics for data centres in Japan and the country’s strategic position as an interconnect location between Asia and the Americas make it a compelling market for long-term growth. We are pleased to expand our presence in Japan with another high-quality asset that will enhance our portfolio and strengthen our income diversification.”

To fund the acquisition, Keppel DC REIT has launched a pro rata non-renounceable preferential offering to raise gross proceeds of approximately $404.5 million. Entitled unitholders will be offered 80 new units at $2.24 each for every 1,000 existing units held. The proceeds will also go towards an asset enhancement initiative at Keppel DC Singapore 8, cover associated costs for a 30-year land lease extension for Keppel DC Singapore 1, as well as for debt repayment purposes.

The acquisition is expected to be completed by the end of the year and the Tokyo Data Centre 3 will improve Keppel DC REIT’s portfolio occupancy from 95.8% to 95.9%, and increase the weighted average lease expiry from 6.92 years to 7.2 years. With this acquisition, Keppel DC REIT’s assets under management will reach $5.7 billion, consisting of 25 data centres across 10 countries in Asia Pacific and Europe.

As of now, Keppel DC REIT units remain stable at $2.36, and are up 6.79% year-to-date.