Japan's NTT files billion-dollar Reit listing with MAS; IPO set to be SGX's biggest in four years
[SINGAPORE] Japanese telco Nippon Telegraph and Telephone (NTT) is spinning off some of its data centres into a Singapore-listed real estate investment trust, or S-Reit, marking what is likely to be the largest Singapore listing in four years.
The last company to list at this size was the US$977 million initial public offering (IPO) of Digital Core Reit in 2021.
The portfolio will comprise six of its data centre assets, initially indicated to be transferred to the Singapore Reit called NTT DC Reit for about US$1.6 billion.
The initial portfolio of NTT DC Reit comprises six data centres – four located in the US, one in Austria and one in Singapore.
In its prospectus lodged with the Monetary Authority of Singapore (MAS) on Friday (Jun 27), NTT said that the manager was listing as it believed there is significant growth in the global data centre market with further headroom for expansion.
This includes consistent growth in data centre pricing globally, alongside increasing capacity absorption and declining vacancies as well as a surge of capital allocation into data centres alongside increasing demand and consistent pricing growth.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
The IPO portfolio is also strategically diversified across key global markets, including the top 10 markets in the US and Asia-Pacific.
NTT has a market capitalisation of around US$90 billion.
Cornerstone investors include Singapore's sovereign wealth investor GIC, AM Squared, Pinpoint Asset Management and Ghisallo Master Fund.
NTT has one of the largest global data divisions, covering more than 20 countries and regions across the Americas, Asia-Pacific, Europe, the Middle East and Africa.
NTT's proposed listing comes after a subdued market in recent years, where delistings have outpaced new listings on the local bourse, with more Singapore companies choosing to list on global exchanges.
It also comes after the MAS' equities market review group put forward several proposals to boost the local equity market earlier this year. The proposals by the group, which was set up last August, include introducing tax incentives to spur more listings and a S$5 billion investment fund for asset managers to improve the bourse's liquidity.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
44 minutes ago
- CNA
Singapore to trial autonomous vehicles in Punggol from fourth quarter of 2025
SINGAPORE: Singapore will trial autonomous vehicles (AVs) in Punggol from the fourth quarter of this year, Acting Transport Minister Jeffrey Siow said on Friday (Jun 27). Mr Siow and Senior Minister of State for Transport Sun Xueling were in Guangzhou from Thursday to Saturday to learn about the development and deployment of AVs in China. Noting that AVs are a maturing technology, Mr Siow said that in the short term, the Ministry of Transport (MOT) is thinking about how AVs can be used to support the public transport network. "We can introduce a short point-to-point fixed route services in HDB estates, so that we can bring people more conveniently to the MRT station or to places where they want to go," he said. Some AVs will be deployed in Punggol to try out "fixed routes". On why Punggol was picked, Mr Siow said that it is an estate with "quite mature" travel patterns and public transport data shows where people "want to go". The road infrastructure in the neighbourhood is also mature, and regular feedback from residents helps the ministry to decide on the routes. He added that the ministry is working with potential operators and AV companies to decide on the right type of vehicle to bring in. Other factors to consider include the frequency at which these services can be run and whether there is demand from commuters. Ms Sun, who is a Member of Parliament for Punggol GRC, said that MOT has looked at residents' feedback so far in assessing the routes in Punggol. "For instance, there are residents who stay in Punggol West who would like to be able to more conveniently have access to amenities in Punggol East, for instance, like the wet market, the polyclinic. "At the same time, we know there are residents who stay in the eastern side in Punggol who want to have more convenient access to transport hubs like the bus interchange, the MRT station." The AVs will be able to help them travel to the transport hubs and amenities, she added. If the trial in Punggol is successful, the ministry can then look at other places at the turn of the year, said Mr Siow, adding that Tengah could be the next location. Noting that Tengah is designed to be a car-lite and public transport-heavy town, he said: "I think it's a place where autonomous vehicles will be very, very useful. "We can design in some of the things that we will do in terms of transport infrastructure in Tengah, as the roads are being built." In the medium term, AVs can also help alleviate manpower constraints, he said, citing an example of using the vehicles to run night buses more often. CHALLENGES Infrastructure is one factor in deciding how AVs can be rolled out to more areas, said Mr Siow. "We have to look at whether the roads are wide enough (and) whether there are stopping points that are available," he added. He noted that Punggol is a relatively new estate and has the required infrastructure. "I think we want to try it in one particular place first, get really used to how the vehicles can be deployed, and understand how problems emerge and how to solve them. Do that well first before rolling it out to the other HDB estates," he said. Getting drivers, commuters, pedestrians and cyclists used to seeing AVs on the roads and as "part of the general landscape" would be key. "Once people are used to seeing them on the roads, then they know how to deal with them, and they realise that actually, there is no real difference from dealing with any other private car." Another issue that has been talked about with AVs is safety, which is a priority, said the acting transport minister. These vehicles will be painted in a "bright colour", he added. To start, the AVs will have a safety officer on board and run at a "manageable" speed. "For the initial period, we'll probably run them without passengers just so that, again, people know that they are the vehicles on the road, and they get comfortable with them before they start taking passengers," said Mr Siow. According to Ms Sun, the second stage will see AVs take passengers with a safety officer on board, before the final stage, when the safety officer is removed. When asked how fares would be decided, Mr Siow said it has not been decided yet as the government has to discuss this with operators. "If you ask me, it will probably be in the range where it's between the public transport fares today and I suppose, at the top end, would be taxi or private hire car fares," he added. JOBS Over time, people will get used to travelling in autonomous vehicles and the role of the driver may change, said Mr Siow. Drivers in the current ecosystem, including taxi drivers or private-hire car drivers, would transition to the new jobs that the new industry will create, he added. "Others - we have to see how to help them reskill, to retrain and to take up other jobs in the economy that will be generated because of economic change," said the acting transport minister. In the initial stages, it will be a "mix of both" - jobs for drivers in the transport industry and new jobs emerging. The government's job, together with the National Trades Union Congress, is to help drivers make the best use of these opportunities, he said. "I've had group discussions with (union leaders) about how to communicate the changes that are coming to the drivers and to help them with the transition when it comes," said Mr Siow. Having visited AV companies, he noted that there are young people there working as programmers and designers, as well as fleet managers and operations centre personnel.
Business Times
an hour ago
- Business Times
CATL breaks ground on US$6 billion Indonesia battery venture
THE world's top maker of electric-vehicle batteries broke ground on a US$6 billion battery material ecosystem in Indonesia as the government pushes ahead with commodity downstreaming goals. China's Contemporary Amperex Technology Co Ltd (CATL), in a joint venture with state-owned Indonesia Battery Corp and Aneka Tambang, will construct a battery cell plant in the Karawang regency in the West Java province. The estimated total battery capacity is 15 gigawatts (GW), which can generate power for 250,000 to 300,000 cars, Energy and Mineral Resources Minister Bahlil Lahadalia said at the groundbreaking ceremony on Sunday (Jun 29). The venture also plans to produce battery storage for solar panels. 'This groundbreaking is proof of our commitment and cooperation with our partners in China,' President Prabowo Subianto said at the event. 'This is a breakthrough, a colossal one.' The mega-project will also involve the development of nickel mines and smelters, and a battery precursor factory in the Halmahera region of North Maluku province. Indonesia is seeking to move up the global metals supply chain by having companies build smelters, battery factories and electric vehicle factories in the country. Companies including Freeport Indonesia, LG Energy Solution and BYD have billion dollar outlays along the metals supply chain. Prabowo pledged to accelerate this initiative during his presidency, and said this would also help South-east Asia's largest economy achieve energy self-sufficiency. He also called for more projects similar to CATL's battery venture, saying Indonesia needs roughly 100 GW 'to be really independent'. BLOOMBERG
Independent Singapore
2 hours ago
- Independent Singapore
Singapore urges calm as PM Wong calls for balance in a world caught between superpowers
CHINA: Singapore Prime Minister Lawrence Wong's prominent official visit to China, his first sanctioned tour outside Southeast Asia since taking office in May, has underscored Southeast Asia's larger diplomatic plan—an expanding commitment to multilateralism amidst growing ambiguity about U.S. engagement in the region. According to the latest SCMP report, the five-day trip, which coincides with the 35th anniversary of China-Singapore ambassadorial bonds, comes on the heels of a robust electoral triumph for Wong's dominant party. A strategic debut: Wong's China visit signals ASEAN's priorities Speaking at the World Economic Forum's Summer Davos in Tianjin, Wong stressed the value of overhauling old-fashioned global agendas to mirror today's digital and economic realities. He mentioned Singapore's initiatives, along with those of Japan and Australia, to formulate innovative global guidelines for e-commerce. This effort now has the support of more than 70 nations, as a classic example of realistic and logical collaboration among 'like-minded' states. 'This is painstaking work, but there is no alternative,' Wong said. 'A new system doesn't appear by magic—you have to build it.' See also World Bank Growth Forecast Down for Asia Xi's multipolar vision meets ASEAN caution Chinese President Xi Jinping resonated similar demands for fighting 'unilateral bullying' and being on 'the right side of history,' indirectly disparaging U.S. trade protectionism. Nevertheless, specialists continue to be doubtful about whether China will support its pomposity with practical policy changes. Chin-Hao Huang, a political science professor at the Lee Kuan Yew School of Public Policy, noted that ASEAN's objectives are to diminish geopolitical aggression, endorse negotiations, and preserve a rules-based order, which aligns with Wong's message. 'To what extent is China going to live up to the expectations of being a responsible stakeholder,' he said. The U.S., Huang added, has shown diverse indicators, hesitating between advocating transnational guidelines and withdrawing into separatist tactics. This contradiction, predominantly under President Donald Trump, has deepened ASEAN's drive to strengthen regional multilateral institutions without over-dependence on any global force. ASEAN hedging in an era of great power rivalry As the U.S. commitment falters, Southeast Asia appears to be silently reassessing, reframing its allegiances, and changing course. A recent Foreign Affairs article contended that nations across the region are 'gradually but discernibly' slanting toward China, even as many profess noninvolvement. Scholars Yuen Foong Khong and Joseph Liow found that while Indonesia, Malaysia, Singapore, and Thailand have continued to adopt successful evasion approaches, others, such as Myanmar, Laos, and Cambodia, are evidently aligned with China. See also PM Lee: ASEAN may have to choose sides in US-China standoff Benjamin Ho from the S. Rajaratnam School of International Studies clarified that Wong wanted to prompt China that a firm and unchanging, rules-based structure would benefit Beijing just as much as its neighbors. 'Given the uncertainty of American commitment to the region, countries in the region, including China, have the responsibility to sort of ensure that the multilateral order doesn't vanish or get totally wrecked,' he stated. Wong recapped Singapore's pledge to maintain solid and durable ties with all major powers, including the U.S., EU, India, and Japan. This calculated balancing act, predictors infer, allows Singapore to function as a political conduit in a progressively diverged world. The future of multilateralism: Rhetoric or reality? While Wong's visit produced new commitments to strengthen and develop bilateral collaboration in areas such as AI, green finance, and digital trade, questions remain about the usefulness of what he calls 'flexible multilateralism.' The model highlights flexible, consensus-driven collaboration among eager partners, distinct from the unyielding, obsolete international institutions that have fought in order to advance. See also Carey Island to get mega port However, with the United States withdrawing from free trade treaties like the Trans-Pacific Partnership and even halting WTO subsidies, many ASEAN adherents are turning to China-led efforts, such as the Regional Comprehensive Economic Partnership, to sustain economic impetus. 'The global economic configuration has changed,' Huang said. 'China is now the world's second-largest economy, and Southeast Asia must adjust to reflect that reality, without abandoning the principles that have underpinned its growth and stability.' To that end, Singapore's message is strong and clear-cut—it is not picking sides, but defending and supporting a multilateral future that is adaptable, wide-ranging, and well-matched to a world that is no longer defined exclusively by post-World War II institutions.
