Keppel DC REIT acquires Dublin property, DBS maintains ‘Buy’ rating

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Singapore-listed Keppel DC REIT has acquired a property in Dublin, Ireland for EUR66 million (SGD101.3 million), the REIT announced on 13 September.

The property, which is known as B10 Data Centre, is the REIT’s second colocation data centre in the city.

The facility is currently 87.3% leased to multiple tenants, and features a weighted average lease expiry (WALE) of approximately 11.0 years.

The property is located within the Ballycoolin Business and Technology Park in Dublin, approximately 12 kilometres from the Dublin city centre, and offers approximately 25,200 square feet of lettable area.

“Apart from enhancing its offering in a key data centre hub, the REIT will be able to reap operational synergies from its existing data centre, Keppel DC Dublin 1”, said Chua Hsien Yang, CEO of the REIT’s manager.

The acquisition is immediately accretive to Keppel DC REIT’s DPU and raises its portfolio WALE to 9.4 years.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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