Digital Core REIT’s $977 Million Initial Public Offering

BofA Securities, Citigroup and DBS served as Joint Issue Managers, Global Coordinators, Bookrunners and Underwriters while BNP Paribas, OCBC Bank and UOB served as co-managers for the offering. Allen & Gledhill served as legal advisor to the manager. Shearman & Sterling represented Citicorp International Limited, as facility agent.

Digital Core Reit (SGX: DCRU) has completed its US$977 million initial public offering. 

The IPO was strongly supported by 26 cornerstone investors, and the IPO was 19.4 times over-subscribed. This is the largest IPO of 2021 in Singapore and is the first time a Singapore REIT acquired any investment located in Canada.

Digital Core REIT Management Pte. Ltd. acted as Manager. 

Digital Core REIT holds a portfolio of 10 institutional quality, 100% freehold data centres located in the United States of America and Canada, with an appraised value of US$1.2965 billion. It is the only pure-play data centre Singapore REIT sponsored by a global listed data centre owner and operator, Digital Realty.

Digital Core REIT Management Pte. Ltd. operates as a real estate investment trust. It is sponsored by a global listed data centre owner, Digital Realty.

The Allen & Gledhill team included Managing Partner Jerry Koh (Picture), Partner Teh Hoe Yue and Partner Lim Pek Bur.

The Shearman & Sterling team included Malcolm K. Montgomery, Jean-Louis Neves Mandelli, Petra Plasilova and Anthony Roselle.

Involved fees earner: Teh Hoe Yue – Allen & Gledhill LLP; Jerry Koh – Allen & Gledhill LLP; Lim Pek Bur – Allen & Gledhill LLP; Malcolm Montgomery – Shearman & Sterling; Jean-Louis Neves Mandelli – Shearman & Sterling; Petra Plasilova – Shearman & Sterling; Anthony Roselle – Shearman & Sterling;

Law Firms: Allen & Gledhill LLP; Shearman & Sterling;

Clients: Citicorp International Limited; Digital Core REIT Management Pte. Ltd.;

Sonia Carcano

Author: Sonia Carcano