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(Nov 23): Keppel announced on Nov 19 that it will be selling its joint venture interest in a data centre to Keppel DC REIT (KDC REIT) for a gross divestment price of $1.38 billion. The JV is majority owned by Keppel’s connectivity division, with 40% held by Cuscaden Peak Investments Private Limited. The JV holds the Keppel Data Centre Campus at Genting Lane, which houses two fully contracted data centres, Keppel DC Singapore 7 (KDC SGP 7) and Keppel DC Singapore 8 (KDC SGP 8). These data centres are fully contracted to global hyperscalers from various industries, including cloud services, internet enterprise, and telecommunications, on a colocation basis. The construction of these data centres was funded by the JV, Keppel’s private fund Alpha Data Centre Fund and its parallel fund (ADCF), and other co-investors. KDC REIT will acquire an initial 49% interest in the JV and subscribe for two new classes of securities issued by the Keppel JV for an amount up to $1.03 billion. This will entitle the REIT to 99.49% of the economic interest from both data centres. KDC REIT also has the option to acquire the remaining 51% stake from Keppel by around the second half of 2025. The proposed transaction will be accretive to the REIT’s distribution per unit (DPU) by 8.1% and expand its assets under management (AUM) by 36% to $5.2 billion. Keppel’s 51% stake in the JV is valued at around $280 million. The gross divestment price includes the estimated consideration for Keppel’s stake and an additional amount if the campus is granted a 10-year land tenure lease extension. The transaction is expected to be completed by end-2025.