NTT Files for $1 Billion Data Center REIT IPO on Singapore Exchange, Targeting July Listing

Key Points

• Research suggests NTT has lodged a preliminary prospectus to list its data center REIT, NTT DC REIT, on the Singapore Exchange.

• It seems likely the IPO could raise up to $1 billion, potentially the largest in Singapore recently.

• The evidence leans toward the listing happening as early as July 2025, with assets valued at about $1.6 billion.

Background
Nippon Telegraph and Telephone Corporation (NTT), a Japanese telecom giant, is moving to list a new real estate investment trust (REIT) focused on data centers. This REIT, called NTT DC REIT, aims to capitalize on the growing demand for data center infrastructure.

Lodging the Prospectus
NTT lodged the preliminary prospectus on June 27, 2025, as confirmed by the Monetary Authority of Singapore's website and reported by Reuters. This step is part of preparing for an initial public offering (IPO) on the Singapore Exchange (SGX).

Details of the Deal
The REIT will include six data center assets in the US, Austria, and Singapore, with a total appraised value of approximately $1.6 billion. The IPO is expected to raise up to $1 billion, which could be the largest in Singapore since Digital Core REIT's $977 million IPO in 2021.

Timeline and Investors
The listing is anticipated as early as July 2025, pending regulatory approvals. Cornerstone investors include Singapore's sovereign wealth fund GIC, AM Squared Ltd, and Viridian Asset Management Ltd, indicating strong backing.

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Comprehensive Market Analysis: NTT's Lodging of Preliminary Prospectus for NTT DC REIT Listing on Singapore Exchange

This section provides a detailed examination of NTT's recent action to lodge a preliminary prospectus for listing its data center real estate investment trust (REIT), named NTT DC REIT, on the Singapore Exchange (SGX), as observed on June 27, 2025. The analysis is grounded in recent news reports, official statements, and market data, aiming to offer a thorough understanding for readers interested in real estate investment trusts, data center markets, and IPO activities.

Background and Strategic Context

Nippon Telegraph and Telephone Corporation (NTT), a Japanese multinational telecommunications holding company, is expanding its investment in data center infrastructure through the creation of NTT DC REIT. This move aligns with NTT's broader strategy to accelerate investment recovery cycles for data centers, generate additional investment funds, and maintain financial soundness, as stated in their financial results released on May 9, 2025, reported by The Business Times NTT’s upcoming data centre Reit listing on SGX lifts hopes of breaking IPO drought. REITs are companies that own, operate, or finance income-generating real estate, and in this case, focus on data centers, which are critical for cloud computing, AI, and digital transformation.

The decision to list on SGX is strategic, given Singapore's position as a global financial hub and its growing data center market. NTT's move is seen as a potential boost to SGX, which has faced concerns about a string of delistings and weak IPO activity in the first half of 2025, as noted in the same Business Times article.

Lodging the Preliminary Prospectus

NTT lodged the preliminary initial public offering (IPO) prospectus for NTT DC REIT on June 27, 2025, as confirmed by information published on the Monetary Authority of Singapore's website, according to Reuters NTT has lodged preliminary prospectus to list REIT on Singapore Exchange. This step is a critical part of the IPO process, signaling NTT's intent to offer shares to the public on SGX. The prospectus was lodged on Friday, June 27, 2025, aligning with the publication date of the Reuters article at 00:22 PDT, which is consistent with the current time of 02:01 AM PDT on the same day.

The prospectus itself did not disclose the IPO amount or the exact launch date, but Reuters reported, citing two sources, that the IPO could be worth up to $1 billion, potentially the largest in Singapore in several years. This figure is supported by earlier reports, such as Bloomberg NTT Group Considers Data Center REIT IPO in Singapore, which mentioned a potential raise of up to $1 billion in September 2024, and Reuters Japan's NTT appoints banks for $1 billion data center REIT IPO in Singapore, sources say, which noted the appointment of Bank of America and UBS for the IPO in January 2025, with a target for the second half of 2025.

Details of NTT DC REIT

NTT DC REIT will be seeded with six data center assets, located in the United States, Austria, and Singapore, as detailed in a Data Center Dynamics article NTT to launch and list data center REIT in Singapore. These facilities are currently owned by NTT Limited, a subsidiary of NTT, and will be sold to the REIT for approximately 240.7 billion yen, or about $1.573 billion, based on the exchange rate at the time of the announcement in May 2025. The total appraised value is around $1.6 billion, as confirmed in the Reuters article from the browse_page result.

The REIT's focus on data centers is timely, given the global demand for digital infrastructure driven by cloud computing, AI, and data storage needs. NTT aims to generate revenue through leasing space and collecting rent on these properties, typical of data center REITs where the majority of revenues come from leasing data centers, as explained in the Data Center Dynamics article.

Timeline and Market Expectations

The listing is expected as early as July 2025, according to Reuters, citing two sources with knowledge of the matter, as mentioned in Japan's NTT DATA Group targets July listing of data centre REIT on Singapore exchange. This timeline is consistent with NTT's statement in an emailed response to Reuters, noting, "We are aiming to go public during FY2025. However, the specific timing will be determined based on market conditions," as reported in the same article. Given that FY2025 for NTT ends in March 2026, a July 2025 listing fits within this timeframe.

The potential IPO size of up to $1 billion would be significant, especially compared to recent IPO activity in Singapore. LSEG data, as cited in the Reuters article, shows that IPO proceeds in Singapore were $331.6 million in the first half of 2023, up from $59.3 million the previous year, indicating a recovering market. The last large IPO was Digital Core REIT in 2021, which raised $977 million, making NTT DC REIT's potential raise a notable event.

Cornerstone Investors and Financial Backing

The IPO has attracted cornerstone investors, which are large institutional investors subscribing before the public offering. According to the browse_page result from the Reuters article, cornerstone investors include Singapore's sovereign wealth fund GIC, AM Squared Ltd, and Viridian Asset Management Ltd. This strong backing enhances the credibility and likelihood of a successful listing, as cornerstone investors typically signal confidence to the market.

Market Impact and Industry Context

NTT's move is seen as a lift for SGX, potentially breaking the IPO drought, as mentioned in The Business Times article. The data center REIT market is growing globally, driven by digital transformation, and Singapore's position as a hub for data centers makes it an attractive listing venue. The involvement of NTT, a major player in telecommunications and data infrastructure, adds to the significance, with expectations of attracting both local and international investors.

Summary Table of Key Metrics

To organize the information, the following table summarizes key metrics and details of the NTT DC REIT IPO:

Metric	Details
Company	Nippon Telegraph and Telephone Corporation (NTT)
REIT Name	NTT DC REIT
Prospectus Lodged Date	June 27, 2025
Listing Exchange	Singapore Exchange (SGX)
Potential IPO Amount	Up to $1 billion, potentially largest since 2021 ($977M Digital Core REIT)
Assets Included	Six data centers in US, Austria, Singapore
Total Appraised Value	Approximately $1.6 billion
Expected Listing Date	As early as July 2025, subject to market conditions
Cornerstone Investors	GIC, AM Squared Ltd, Viridian Asset Management Ltd
Strategic Aim	Accelerate investment recovery, maintain financial soundness

This table encapsulates the financial and strategic aspects of the IPO, highlighting its significance for NTT and SGX.

Conclusion

Research suggests that NTT has lodged a preliminary prospectus to list NTT DC REIT on the Singapore Exchange, confirmed on June 27, 2025, with the IPO potentially raising up to $1 billion and listing as early as July 2025. The REIT will include six data center assets valued at about $1.6 billion, backed by cornerstone investors like GIC. This move aligns with NTT's strategy to leverage the growing data center market, positioning SGX for a significant IPO event.

Key Citations

• NTT has lodged preliminary prospectus to list REIT on Singapore Exchange

• NTT’s upcoming data centre Reit listing on SGX lifts hopes of breaking IPO drought

• NTT Group Considers Data Center REIT IPO in Singapore

• NTT to launch and list data center REIT in Singapore

• Japan's NTT DATA Group targets July listing of data centre REIT on Singapore exchange

• Japan's NTT appoints banks for $1 billion data center REIT IPO in Singapore, sources say

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