>

>

Keppel DC REIT sells Sydney data centre for $152 mil

By Nicholas Lam

/ EdgeProp Singapore |

April 16, 2024 9:41 PM SGT

The property comprises two buildings – the two-storey Intellicentre 2 Data Centre (pictured) completed in 2012, and the Intellicentre 3 East Data Centre completed in 2022. (Picture: Keppel Group)

Keppel DC REIT Management, the manager of Keppel DC REIT, will sell its entire stake in Intellicentre Campus to Macquarie Data Centres Macquarie Park Property SubTST for $152.1 million.

Keppel DC REIT holds a 100% freehold stake in the data centre, which is located within Macquarie Park in the north of Sydney and is 12km from the CBD.

The property comprises two buildings – the two-storey Intellicentre 2 Data Centre completed in 2012, and the Intellicentre 3 East Data Centre completed in 2022.

Read also: Keppel DC REIT acquires third data centre in the Netherlands

The property was last valued in 2023 at approximately $112.3 million. As a result, the agreed sale value for the property is 35.4% above its last evaluation. The divestment also represents an exit cap rate of approximately 3.6%.

Macquarie Data Centres Macquarie Park Property SubTST is a wholly owned subsidiary of Australian-listed Macquarie Technology Group (MTG). MTG is also the ultimate parent company of Macquarie Data Centres, the existing tenant of the property.

In conjunction with the divestment, Keppel DC REIT will reinvest approximately $78.7 million of the sale proceeds in an Australian data centre note issued by Macquarie Data Centres Group. The note is guaranteed by MTG and will allow Keppel DC REIT to retain some exposure to the Australian data centre market over the next 8½ years.

Keppel DC REIT will receive a regular income stream starting from $5.5 million per year from the note, escalating based on Australia’s consumer price index. This will mirror the rental the REIT would have received from the property for the next 8½ years had they held onto it.

The REIT manager will repay existing loans amounting to approximately $37.7 million related to the original investment of Intellicentre Campus.

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Emerald of Katong hits 99% sales at launch, averaging $2,621 psf

2

Kingsford sells 76% of Chuan Park units at an average price of $2,579 psf

3

Is it a Good Deal?: $1.03 million for a four-room HDB flat in District 10

4

Sim Lian Group’s Emerald of Katong: Will it be another top-seller?

5

CDL sells 20% of Union Square Residences at an average price of $3,200 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00