NTT Plans $864M Data Center REIT IPO on SGX in 2025

NTT is planning an $864 million REIT IPO in Singapore, marking the largest public offering on the Singapore Exchange (SGX) since 2021 and the third dedicated data center REIT on the bourse.

This move comes amid rising global interest in digital infrastructure investments and is expected to strengthen Singapore’s standing as a leading REIT hub in Asia. The global data center market, currently valued at $242.7 billion, is projected to more than double to $584.8 billion by 2032, driven by AI adoption, cloud computing, and digital transformation. Data center REITs have emerged as a particularly attractive asset class for investors due to their sticky tenant base, high capital intensity, and recession-resilient income streams.

Key Highlights

• NTT’s $864M IPO may be SGX’s largest since 2021
• GIC to invest $101M as cornerstone investor
• Target yield of 7–7.5% amid growing AI-driven demand

NTT’s listing benefits from recent Singapore market reforms introduced in February 2025, including tax incentives and an equity market development program aimed at revitalizing IPO activity after a weak 2024. The participation of GIC, Singapore’s sovereign wealth fund, as a cornerstone investor ($101 million) underscores institutional confidence in both the IPO and the broader SGX ecosystem.

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The proposed 7–7.5 percent distribution yield positions the REIT competitively against both regional peers and fixed-income alternatives, especially as interest rates are expected to ease. Singapore’s REIT sector—valued at $100 billion across 40 listed trusts—already accounts for over 12 percent of the SGX's market capitalization.

As digital infrastructure continues to gain strategic importance, NTT’s entry could act as a catalyst for renewed REIT activity in 2025, especially in data-focused verticals.