A&G News 13 December 2021

Allen & Gledhill, as transaction counsel, advised Digital Core REIT Management Pte. Ltd. (“Manager”) on the US$977 million initial public offering (“IPO”) of Digital Core REIT. Our Firm was also appointed as Singapore Independent Tax Adviser for the IPO.

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.

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.

In relation to the IPO, our Firm also advised the Manager, as Singapore counsel, on the grant of US$550 million term and revolving credit facilities (“Facilities”).

Advising the Manager on the IPO were Allen & Gledhill Managing Partner Jerry Koh and Partner Teh Hoe Yue.

Advising as Singapore Independent Tax Adviser for the IPO was Allen & Gledhill Partner Lim Pek Bur.

Advising the Manager on the Facilities was Allen & Gledhill Partner Ong Kangxin.


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