Clifford Chance

Clifford Chance advises on landmark US$773 million NTT DC REIT IPO and listing in Singapore

Global law firm Clifford Chance has advised Merrill Lynch, UBS, Mizuho, Citigroup and DBS as the joint bookrunners and underwriters on the initial public offering and listing of NTT DC REIT on the Singapore Exchange (SGX), sponsored by NTT Limited, a subsidiary of Japan’s NTT DATA Group.

The IPO, which raised approximately US$773 million (S$988 million), marks the largest REIT listing on SGX in over a decade.

NTT DC REIT’s portfolio comprises six premium data centre assets located across the US, Austria, and Singapore representing 90.7 MW of capacity with a total appraised value of US$1.6 billion. Collectively, these assets form part of NTT’s global data centre platform, which spans over 20 countries and regions and delivers 2,200 MW of IT power capacity globally.

Lead partner Jean Thio said, "We are proud to have advised on the landmark listing of NTT DC REIT. As the largest REIT listing on SGX in over a decade, it reflects renewed momentum in Singapore’s capital markets and underscores the city's strategic role in global digital infrastructure financing – setting a new benchmark for cross-border REIT offerings. Our work on this transaction showcases our deep bench strength in capital markets and experience advising on digital infrastructure assets across the world.”

Jean and Ying Chiang were supported by senior associate Charlotte Tan, associate Chak Ching Lau and trainee Holly Hill.

Counsel Ying Chiang Chong added, "This transaction underscores the strength and sophistication of Singapore’s REIT framework, which continues to attract marquee global sponsors like NTT.  The listing of NTT DC REIT, backed by one of the world’s largest data centre platforms, demonstrates how sponsors are leveraging innovative structures to bring highly technical, globally distributed assets to market. Data centres are increasingly viewed as essential infrastructure, offering long-term stability and scalable growth potential, and this deal reflects how capital markets are evolving to accommodate their unique characteristics.”

This transaction builds on Clifford Chance’s extensive track record advising on strategic data centre transactions across Asia Pacific. The firm recently advised Yondr Group on the US$900 million financing its hyperscale data centre development in Malaysia, Partners Group on its acquisition of data centre platform GreenSquareDC in Australia, and Global Switch on the AU$2.12 billion sale of its Australian assets.