Digital Core REIT to Raise 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. 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.