AJBU.SI
SGX50SESKeppel DC REIT
Real Estate · REIT - Office · Singapore
Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate and assets necessary to support the digital economy. Keppel DC REIT's investments comprise a mix of colocation, fully-fitted and shell and core assets, as well as debt securities, thereby reinforcing the diversity and resiliency of its portfolio. Keppel DC REIT is managed by Keppel DC REIT Management Pte. Ltd. (the Manager) and is sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Keppel DC REIT was incorporated in 2011 in Singapore.
www.keppeldcreit.com ↗Shares trade at a low 11.8× trailing earnings, easing to 18.3× on forward estimates. Profitability shows a net margin of 94.9%. Leverage is elevated at 3.9× net debt/EBITDA. Revenue grew 14.5% year-on-year. It yields 4.4% in dividends. The mean analyst target of SGD2.63 sits 17.1% above the current price (Strong Buy, 16 analysts).
business model
Keppel DC REIT is a pure-play data-centre REIT, one of the first of its kind in Asia, sponsored by Keppel. It owns data-centre assets across Asia-Pacific and Europe, leasing space to colocation operators and enterprises under a mix of colocation, fully-fitted and shell-and-core lease structures. As a Singapore REIT it distributes at least 90% of taxable income to unitholders, with distributions funded by rental income from data-centre tenants.
revenue segments
Revenue is rental income from data centres across markets including Singapore and other parts of Asia-Pacific and Europe. Leases range from triple-net/shell-and-core arrangements to colocation and fully-fitted facilities, giving a mix of stable long leases and more operationally geared income.
key dependencies
Performance depends on data-centre demand (cloud, AI and digitalisation), tenant credit quality and concentration, power availability and costs, and lease structures. Interest rates and currency exposure across multiple countries affect distributions and valuations, while the Keppel sponsor pipeline and development/asset-enhancement opportunities support growth. Tenant-specific issues (including past disputes affecting income at certain assets) can be material.
competitors
It competes with Mapletree Industrial Trust's data-centre portfolio, Digital Core REIT, and global data-centre owners and operators such as Equinix, Digital Realty and private data-centre platforms for assets and tenants.
moat
The moat comes from first-mover scale as a listed pure-play data-centre REIT, exposure to structural digital-demand growth, high tenant switching costs, and a strong Keppel sponsor with data-centre development capabilities. Power and connectivity constraints create high barriers to new supply in key markets.
risks
Tenant concentration means a single tenant's default or dispute can materially affect income, as has occurred at some assets. Rising interest rates increase funding costs and can compress valuations, and the trust faces power-cost and supply constraints, currency exposure across markets, and competition for scarce, well-located data-centre assets.
Financials & metrics
as of 04 Jul 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.