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Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/5eab6cb21d39923ba88ba2bb56a94080d5180ffd1357b7aae592655553220e4e"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="Gross proceeds from the equity funding exercise will be used to finance Keppel DC Reit's acquisition of two data centres at Keppel Data Centre Campus (above). 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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">Keppel DC Reit unveils S$1-billion unit placement, preferential offer to fund purchase of data centres</h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">The manager intends to declare an advanced distribution of S$0.04063 to S$0.04103 per unit in connection with the private placement</p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex flex-row items-start justify-start gap-2" data-testid="byline-component"><div class="flex flex-shrink-0 flex-row items-center justify-start"><img class="rounded-full" src="https://cassette.sphdigital.com.sg/image/businesstimes/83556869b07fda2527474862b4f240f8f0d1286b1d2111c04909b60278e77bf3" alt="Chong Xin Wei" width="50" height="50"/></div><div class="flex flex-col flex-wrap pl-2"><div class="flex flex-wrap gap-x-1.5"><h4 class="align-middle font-poppins font-semibold text-gray-850 word-break text-base" data-testid="byline-name-component"><a class="!text-gray-850 hover:underline" href="/authors/chong-xin-wei" target="_blank">Chong Xin Wei<!-- --> </a></h4></div><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Tue, Nov 19, 2024 · 11:26 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full bg-transparent !p-0 relative"><div class="group relative"><div class="flex items-center"><a class="line-clamp-1 place-self-center break-all text-center font-poppins text-base font-semibold capitalize !text-gray-850 border-r-0 px-0 md:px-3" href="/keywords/keppel-dc-reit">Keppel DC Reit</a><button data-size="md" type="button" aria-label="Follow tag" class="ml-auto flex aspect-square cursor-pointer items-center justify-center whitespace-nowrap rounded-full !border !border-solid !border-gray-175 px-3 text-center !font-poppins text-xs font-semibold tracking-[0.02em] text-gray-850 !outline-none transition-all duration-150 focus-within:outline-none hover:!border-gray-850 focus:outline-none data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] md:aspect-auto md:px-6" data-rac="" id="react-aria-:R2aldcscu5:"><div class="md:min-w-16"><p class="m-0 hidden md:block">Follow</p><div class="flex items-center md:hidden"><svg aria-hidden="true" focusable="false" data-prefix="fas" data-icon="plus" class="svg-inline--fa fa-plus fa-sm " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512" color="text-gray-850"><path fill="currentColor" d="M256 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min-[1040px]:-left-4 left-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M11.354%201.646a.5.5%200%200%201%200%20.708L5.707%208l5.647%205.646a.5.5%200%200%201-.708.708l-6-6a.5.5%200%200%201%200-.708l6-6a.5.5%200%200%201%20.708%200z'/%3e%3c/svg%3e" width="18" height="18"/></div></button><button class="splide__arrow splide__arrow--next flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">Gross proceeds from the equity funding exercise will be used to finance Keppel DC Reit's acquisition of two data centres at Keppel Data Centre Campus (above). PHOTO: KEPPEL</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">THE manager of Keppel DC Reit plans to launch an equity funding exercise to raise gross proceeds of about S$1 billion, it announced on Tuesday (Nov 19). </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This comprises a private placement to raise around S$600 million in gross proceeds, and a non-renounceable preferential offering to raise gross proceeds of about S$300 million. It will also include an issuance of subscription units to raise about S$85 million. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The private placement units will be priced between S$2.074 and S$2.128 apiece. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This represents a discount of between 3.3 and 5.8 per cent to the volume-weighted average price (VWAP) of S$2.2017 per unit for trades done on Monday. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The manager also intends to declare an advanced distribution of between S$0.04063 and S$0.04103 per unit in connection with the private placement. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Assuming an advanced distribution of S$0.04083 per unit is deducted, the private placement issue price range represents a discount of between 1.5 and 4 per cent to an adjusted VWAP of S$2.1609 per unit – for illustrative purposes. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rbabcoodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rnbcoodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Under the preferential offering, new units will be priced between S$2.03 and S$2.08 apiece. This represents a discount of between 5.5 and 7.8 per cent to the VWAP of S$2.2017 per unit.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The preferential offering issue price range represents an approximate 3.7 to 6.1 per cent discount to the adjusted VWAP of S$2.1609 per unit, for illustrative purposes. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Meanwhile, the issue price for the sponsor subscription unit will be the same as the private placement issue price. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5366657" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/keppel-dc-reit-acquire-2-hyperscale-data-centres-sponsor-keppel-s1-4-billion" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/21cf6f6f699e03effb2132df85737b0b4680d7e67236c1132f726f0cae7da5b1?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/21cf6f6f699e03effb2132df85737b0b4680d7e67236c1132f726f0cae7da5b1?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/21cf6f6f699e03effb2132df85737b0b4680d7e67236c1132f726f0cae7da5b1?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/21cf6f6f699e03effb2132df85737b0b4680d7e67236c1132f726f0cae7da5b1?q=20&w=3&h=2&f=webp" loading="lazy" alt="The proposed acquisition will expand the Keppel DC Reit's assets under management by 36 per cent to S$5.2 billion." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5366657"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Keppel DC Reit to acquire 2 hyperscale data centres from sponsor Keppel for S$1.4 billion" href="/companies-markets/keppel-dc-reit-acquire-2-hyperscale-data-centres-sponsor-keppel-s1-4-billion" target="_blank">Keppel DC Reit to acquire 2 hyperscale data centres from sponsor Keppel for S$1.4 billion</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5366479" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/keppel-take-over-legacy-rigs-plans-establish-offshore-infrastructure-private-fund" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef40de80c75d2e2fea278342764c13d82ea10192d421f026e74005574105ed81?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef40de80c75d2e2fea278342764c13d82ea10192d421f026e74005574105ed81?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/ef40de80c75d2e2fea278342764c13d82ea10192d421f026e74005574105ed81?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/ef40de80c75d2e2fea278342764c13d82ea10192d421f026e74005574105ed81?q=20&w=3&h=2&f=webp" loading="lazy" alt="Post-capital reduction, Keppel will be able to effectively manage when and how the legacy assets are monetised. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5366479"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Keppel to take over legacy rigs; plans to establish offshore infrastructure private fund" href="/companies-markets/keppel-take-over-legacy-rigs-plans-establish-offshore-infrastructure-private-fund" target="_blank">Keppel to take over legacy rigs; plans to establish offshore infrastructure private fund</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5361220" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/keppel-infrastructure-trust-acquire-50-marina-east-water-sponsor-keppel" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c7613aa151919e1cc65b2a612a4d445ac9b6fe236df4fc231a3f0780451bb164?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c7613aa151919e1cc65b2a612a4d445ac9b6fe236df4fc231a3f0780451bb164?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/c7613aa151919e1cc65b2a612a4d445ac9b6fe236df4fc231a3f0780451bb164?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/c7613aa151919e1cc65b2a612a4d445ac9b6fe236df4fc231a3f0780451bb164?q=20&w=3&h=2&f=webp" loading="lazy" alt="The trust says the purchase is expected to be accretive to its distribution per unit, with pro-forma DPU for FY2023 rising 0.4 per cent." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5361220"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Keppel Infrastructure Trust to acquire 50% of Marina East Water from sponsor Keppel" href="/companies-markets/keppel-infrastructure-trust-acquire-50-marina-east-water-sponsor-keppel" target="_blank">Keppel Infrastructure Trust to acquire 50% of Marina East Water from sponsor Keppel</a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">On Tuesday, Keppel DC Reit’s manager entered into a subscription agreement with Keppel DC Investment Holdings (KDCIH), a wholly owned subsidiary of Keppel Data Centres. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Under the agreement, KDCIH will subscribe for about S$85 million worth of subscription units. The units are expected to be issued to KDCIH in early 2025. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Some S$888.2 million, or 98.7 per cent of gross proceeds from the private placement and preferential offering, will be used to finance Keppel DC Reit’s proposed acquisition of two data centres in Singapore. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Around S$85 million raised from the sponsor subscription units will be used to finance the acquisition as well. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">About S$11.8 million, or 1.3 per cent of the gross proceeds from the private placement and preferential offering, will be used to pay for fees and expenses incurred by the real estate investment trust in relation with the fundraising exercises. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The remaining amount from the placement and preferential offering will be used for general corporate purposes and/or working capital purposes.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The placement launched on Tuesday and will close on Wednesday, while the preferential offering will begin on Dec 2 and close on Dec 10. The record date for the preferential offering and advanced distribution is Nov 27. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Keppel DC Reit<!-- --> called for a trading halt on Tuesday morning; its units ended the previous day 0.5 per cent or S$0.01 lower at S$2.19. </p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Copyright The Business Times. 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