Keppel DC REIT
Keppel DC REIT is a Singapore-listed pure-play data centre REIT (SGX: AJBU) investing in colocation, fully-fitted, and shell and core facilities across 10 Asia Pacific and European markets, generating rental income from hyperscale cloud, financial, fintech, and e-commerce tenants under multi-year contracts.
- Company typePublic
- Founded2014
- HeadquartersSingapore, Singapore
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Keppel DC REIT does
Keppel DC REIT is a Singapore-domiciled, externally managed real estate investment trust listed on the Singapore Exchange (SGX: AJBU.SI) since 12 December 2014, recognised as the first pure-play data centre REIT in Asia. It invests in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes, comprising three asset categories — colocation (shared multi-tenant space), fully-fitted (turnkey equipped facilities), and shell and core (customisable base buildings) — supplemented by debt securities for portfolio diversification. As of FY2025, the portfolio spans 25 data centres across 10 markets in Asia Pacific and Europe, including the TÜV Certified Level 3 maincubes facility in Offenbach am Main, Germany, with a total portfolio valuation of S$6.3 billion.
Revenue is generated through long-term property rental income from data centre tenants, including hyperscale cloud providers (AWS, Google Cloud, Microsoft Azure), financial institutions, regional fintech firms, and e-commerce companies. Pricing is contracted bilaterally with tenants and not publicly disclosed; REIT units themselves trade on a yield-based valuation, currently around a 4.61% distribution yield at FY2025. FY2025 reported revenue of S$441.4 million (up 42.2% year-on-year) and distributable income of S$268.1 million (up 55.2% year-on-year), with full-year DPU of S$0.10381 (up 9.8%) and portfolio occupancy of 95.6% in Q1 2026.
The REIT is managed by Keppel DC REIT Management Pte. Ltd. and sponsored by Keppel, a global asset manager providing pipeline access (recent acquisitions include Tokyo Data Centre 3 for S$707 million and Keppel DC Singapore 7 and 8). Distribution channels are limited to investor relations and SGX-mandated disclosures; operations leverage partnerships with Datalec for facilities management and Metlen for renewable energy development, with 92% renewable energy coverage on Irish operations as a notable sustainability metric. Aggregate leverage stood at 35.3% as of end-FY2025, and short-seller Jim Chanos has publicly disclosed a short position against the REIT.
Keppel DC REIT firmographics
Firmographics- Name
- Keppel DC REIT
- Legal name
- Keppel DC REIT
- Website
- https://keppeldcreit.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Keppel DC REIT is a Singapore-listed pure-play data centre REIT (SGX: AJBU) investing in colocation, fully-fitted, and shell and core facilities across 10 Asia Pacific and European markets, generating rental income from hyperscale cloud, financial, fintech, and e-commerce tenants under multi-year contracts.
- Ownership category
- akta.pro rank
Keppel DC REIT industry classification
Industry- Product category
- Data Centre Real Estate Investment Trust (REIT)
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industry
- Data Center Real Estate (REITs) & Leasing (HDABACAL)
Keywords
Where Keppel DC REIT is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices3 records
Markets served
Keppel DC REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Others
Revenue model
- Data Centre Property Rental Income: Keppel DC REIT generates revenue primarily through rental income from its portfolio of data centre properties across Asia Pacific and Europe. The REIT invests in a mix of colocation, fully-fitted and shell and core assets, as well as debt securities, providing diversified and resilient income streams. FY2025 revenue was S$441.4 million, up 42.2% from the prior year, with distributable income growing 55.2% to S$268.1 million.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | REIT units publicly listed on Singapore Exchange |
Distribution channels1 record
Marketing channels4 records
Keppel DC REIT product offering
Product offeringCore offering
Keppel DC REIT invests in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes across Asia Pacific and Europe. Its investments comprise colocation, fully-fitted and shell and core assets, plus debt securities, generating recurring rental income from enterprise tenants including hyperscale cloud providers and financial institutions.
Product overview
Keppel DC REIT operates as a pure-play data centre Real Estate Investment Trust offering three core asset categories: Colocation Assets (shared data centre space), Fully-Fitted Assets (turnkey equipped facilities), and Shell and Core Assets (customizable base infrastructure). The REIT also holds Debt Securities for portfolio diversification. The portfolio spans 25 data centres across 10 markets in Asia Pacific and Europe, with a total valuation of S$6.3 billion. Notable assets include maincubes Data Centre in Germany and Tokyo Data Centre 3 in Japan. The REIT is managed by Keppel DC REIT Management Pte. Ltd. and sponsored by Keppel.
Differentiator
Problem solved
Functional benefit
Products and services
- Colocation Data Centre Assets Income-producing data centre real estate assets offering colocation space where multiple tenants can house their servers and IT equipment in shared facilities. Targeted at enterprise tenants requiring scalable colocation capacity.
- Fully-Fitted Data Centre Assets Data centre properties that come equipped with servers, cooling systems, power infrastructure, and other technical equipment, ready for immediate use by tenants. Targeted at tenants requiring turnkey data centre capacity without fit-out responsibility.
- Shell and Core Data Centre Assets Base building data centre infrastructure without installed tenant equipment, allowing occupiers to customise and fit out the space according to their specific requirements. Targeted at occupiers needing bespoke data centre deployments.
- Data Centre Debt Securities Investments in debt securities that reinforce the diversity and resiliency of the portfolio alongside direct real estate holdings. Targeted at generating additional income streams complementary to property rentals.
- maincubes Data Centre (Offenbach, Germany) A fully-fitted, four-storey data centre in Offenbach am Main, Germany, offering high interconnectivity to the DE-CIX internet exchange point to minimise latency for financial institutions and e-commerce tenants. Completed in 2018 and TÜV Certified Level 3 (Highly Available).
Quantifiable outcome
- 42.2% revenue increase to S$441.4 million in FY2025
- +4 more outcomes
Companies that use Keppel DC REIT
Customer profileSegments4 records
Ideal customer profiles2 records
Keppel DC REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Keppel DC REIT partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- DatalecminorFacilities management partnership for data centre operations. Datalec provides facilities management services supporting Keppel DC REIT's Irish data centre operations.
- Metlen (part of Mytilineos Holdings)minorSolar farm development partnership to advance sustainability objectives. Metlen is building solar farms to provide renewable energy for Irish data centre operations.
Scale indicators14 records
Recent moves8 records
Expansion highlights5 records
Keppel DC REIT competitors and assessment
Company assessmentDirect peers
- Equinix: Global data centre REIT/operator with significant APAC footprint and interconnection-focused IBX assets. Closest functional analog to Keppel DC REIT in serving hyperscalers and financial/enterprise tenants across Asia Pacific and Europe.
- Digital Realty Trust: Largest US-listed pure-play data centre REIT with a global portfolio including APAC exposure. Directly comparable to Keppel DC REIT in business model (colocation/fully-fitted), tenant mix (hyperscalers), and REIT structure.
- GDS Holdings: China-headquartered data centre operator/REIT serving hyperscalers across Greater China and Southeast Asia. Comparable in product mix (colocation, fully-fitted), customer base (cloud providers), and APAC growth orientation.
- NEXTDC: Australian-listed data centre operator with primary footprint across Australia and growing presence in Asia. Comparable pure-play data centre business serving hyperscalers and enterprises.
- DataBank: US-based privately-held data centre operator with colocation and edge facilities across the US and UK. Comparable product mix (colocation, fully-fitted) and enterprise/hyperscaler customer base.
- CyrusOne: US-headquartered data centre REIT (now KKR-owned after take-private) that served hyperscale tenants. Comparable in pure-play data centre strategy and customer mix prior to going private.
Broad incumbents
- Iron Mountain Data Centers: US-listed storage and information-management company that has built a sizeable global data centre portfolio. Serves similar hyperscaler and enterprise customers but as part of a broader records-management business.
Regional players
- 21Vianet: China-based carrier-neutral data centre service provider. Comparable in product mix (colocation and managed hosting) and customer orientation but serves the China market rather than competing directly with Keppel DC REIT across APAC and Europe.
- Mapletree Industrial Trust: Singapore-listed industrial REIT with meaningful data centre exposure (incl. Mapletree Sunview). Comparable as a SGX-listed REIT investor in Asia-based data centre and industrial assets serving similar tenants.
- NTT Global Data Centers: Japanese telecom-major-owned data centre platform with global presence including APAC. Comparable as a large-scale data centre operator in Asia, including Japan where Keppel DC REIT recently entered via Tokyo DC3.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Keppel DC REIT social profiles
Digital presenceKeppel DC REIT compliance and trust
Trust signalCompliance1 record
Keppel DC REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
Keppel DC REIT leadership team
Management profileNumber of profiles
Profiles1 record
Keppel DC REIT funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Keppel DC REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Keppel DC REIT
What does Keppel DC REIT do?
Keppel DC REIT invests in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes across Asia Pacific and Europe. Its investments comprise colocation, fully-fitted and shell and core assets, plus debt securities, generating recurring rental income from enterprise tenants including hyperscale cloud providers and financial institutions.
Is Keppel DC REIT a public or private company?
Keppel DC REIT is a public company. It is classified as public and is currently operating.
When was Keppel DC REIT founded?
Keppel DC REIT was founded in 2014. It employs 101 to 250 people.
Where is Keppel DC REIT based?
Keppel DC REIT is headquartered in Singapore, Singapore, in the Asia region.
How does Keppel DC REIT make money?
One revenue line is on record: data Centre Property Rental Income.
Who are Keppel DC REIT's main competitors?
Direct peers on record are Equinix, Digital Realty Trust, GDS Holdings, NEXTDC, DataBank and CyrusOne. Iron Mountain Data Centers is listed as a broad incumbent. Regional players are 21Vianet, Mapletree Industrial Trust and NTT Global Data Centers.
Does Keppel DC REIT have an API?
No public API is recorded for Keppel DC REIT.
What industry is Keppel DC REIT in?
Keppel DC REIT's product category is Data Centre Real Estate Investment Trust (REIT). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of HDABACAL, Data Center Real Estate (REITs) & Leasing. Its NAICS code is 523940 and its SIC code is 6798.