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Digital Core Reit in US$315.9 million asset sale to fund Singapore, Osaka expansion
['Shikhar Gupta']
The Business Times
It will make its Singapore entry by acquiring a 2.5% interest in Digital Loyang 2 for S$87.4 millionThe Reit will expand in Osaka by acquiring an additional 25 per cent interest in the freehold Osaka Data Centre (Digital Osaka 3).
PHOTO: DIGITAL CORE REIT[SINGAPORE] Digital Core Reit is proposing a major portfolio revamp to set up a maiden presence in Singapore and deepen its foothold in Japan, funded by the divestment of mature North American assets.
Digital Core Reit will retain a 51 per cent controlling stake in this Virginia property, which recently secured a new 10-year lease with a global cloud service provider.
Financial impactThe US$176 million redeployment into Asia marks a geographic shift for Digital Core Reit.
Units of Digital Core Reit closed flat at US$0.475 on Tuesday, before it called for a trading halt.