Keppel DC REIT

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.

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

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

• Data centre REIT
• Data centre real estate
• Colocation facilities
• Fully-fitted data centres
• Shell and core assets

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Others

Revenue model

1. 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

Distribution channels1 record

Marketing channels4 records

Core 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

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• DatalecminorStrategic or Co-development PartnerFacilities 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)minorStrategic or Co-development PartnerSolar 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

Direct 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

• LinkedInlinkedin.com/company/keppel-dc-reit

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Keppel DC REIT