# Keppel DC Reit and Keppel take 90% stakes in two Japan hyperscale data centres

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-01T02:40:04.000Z
- **Author:** EdgeProp Singapore
- **Original:** https://www.edgeprop.sg/property-news/keppel-dc-reit-and-keppel-take-90-stakes-two-japan-hyperscale-data-centres
- **Topics:** Investment & Capital Markets, Regional Markets

## Featured rationale

The acquisition signals confidence in Japan’s data-centre segment and could support income growth through 2.8% annual rent escalation and rents at least 30% below market.

## AI summary

Keppel DC Reit and Keppel are acquiring 90% interests in two fully occupied Greater Tokyo data centres valued at JPY190 billion ($1.55 billion).

## Original article

Keppel DC Reit and Keppel are collectively acquiring 90% effective interests in two freehold, hyperscale data centres — Tokyo Data Centre 4 and Tokyo Data Centre 5 — in Greater Tokyo.

Located in Inzai City, one of Japan’s most established hyperscale data-centre clusters, the two fully fitted, colocation assets are fully occupied by four investment-grade internet enterprise and IT services clients.

The total purchase price on a 100% basis is JPY190 billion ($1.55 billion), which is at a 2.1% discount to the assets' valuation of JPY194 billion, said the Reit manager in a Sept 1 bourse filing.

Read also: Fraxtor co-invests in Greater Osaka's UIB Konan Phase 3 in first JV with listed Reit

The Reit will take an 88.62% stake in each data centre, while Keppel, through its interest in Keppel Japan KK, will hold a 1.38% effective interest.

Keppel DC Reit will thus pay about JPY168.4 billion for its effective interest in the two data centres.

Meanwhile, the existing operator will retain a 10% stake in each asset, to ensure "alignment of interests and operational continuity", the bourse filing stated.

Keppel DC Reit said the acquisition will increase its distribution per unit immediately while also offering multiple avenues of long-term income growth. The assets benefit from contracted average annual rent escalation of about 2.8%, and the in-place rents are estimated to be at least 30% below prevailing market rents.

The weighted average lease expiry is roughly 4.5 years for Tokyo Data Centre 4 and 10.6 years for Tokyo Data Centre 5.

With the acquisition, Japan's contribution to the Reit’s portfolio rental income increases to about 23%, from 9% as at end-June this year.

Read also: Brookfield buys 50 multifamily residential assets in Japan for more than JPY100 bil

Loh Hwee Long, CEO of the manager of Keppel DC Reit, said this expands its network of institutional and operational partners, and strengthens its ability to source and access future investment opportunities globally.

Three of the four investment-grade clients across the two Tokyo data centres are new to the Reit's portfolio, which broadens its client base and reduces client concentration risk.

Its manager plans to fund the acquisition with a mix of equity and yen-denominated debt. The deal is expected to be completed in the fourth quarter of this year.

## Chinese translation

> Translation model: grok_cli

### 吉宝数据中心房地产投资信托与吉宝收购日本两座超大规模数据中心90%股权

按100%权益计算，大东京地区这两座永久地契超大规模托管式数据中心的收购价为1900亿日元（新币15.5亿元）

吉宝数据中心房地产投资信托与吉宝正共同收购大东京地区两座永久地契超大规模数据中心——Tokyo Data Centre 4和Tokyo Data Centre 5——90%的有效权益。

这两项已全面装设的托管式资产位于印西市，该市是日本最成熟的超大规模数据中心集群之一，目前由四家投资级互联网企业及IT服务客户全数承租。

该房地产投资信托管理人在9月1日的交易所公告中表示，按100%权益计算，总收购价为1900亿日元（新币15.5亿元），较资产估值1940亿日元折让2.1%。

另读：Fraxtor与上市房地产投资信托首次合资，共同投资大阪都市圈的UIB Konan Phase 3

该房地产投资信托将各持有这两座数据中心88.62%的股权，吉宝则通过其在Keppel Japan KK的权益持有1.38%的有效权益。

因此，吉宝数据中心房地产投资信托将为其在这两座数据中心的有效权益支付约1684亿日元。

与此同时，现有运营商将在各资产中保留10%股权，交易所公告称，此举旨在确保“利益一致性和运营连续性”。

吉宝数据中心房地产投资信托表示，此次收购将立即提高其每单位派息，同时也提供多种长期收入增长途径。这些资产享有约2.8%的合约平均年租金调升，且现有租金估计至少低于当前市场租金30%。

Tokyo Data Centre 4的加权平均租约到期年限约为4.5年，Tokyo Data Centre 5约为10.6年。

完成收购后，日本对该房地产投资信托投资组合租金收入的贡献将从今年6月底的9%升至约23%。

另读：Brookfield以逾1000亿日元收购日本50项多户住宅资产

吉宝数据中心房地产投资信托管理人首席执行官Loh Hwee Long表示，此举将扩大其机构和运营合作伙伴网络，并增强其在全球物色和获取未来投资机会的能力。

这两座东京数据中心的四家投资级客户中，有三家是该房地产投资信托投资组合的新客户，从而拓宽客户基础并降低客户集中度风险。

其管理人计划以股权和日元计价债务相结合的方式为此次收购提供资金。该交易预计将于今年第四季度完成。