Digital Realty lists Digital Core REIT on Singapore stock exchange

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• Digital Realty (NYSE:DLR) lists Digital Core REIT as a standalone publicly traded vehicle on the Singapore Exchange, the company says.
• Digital Realty (DLR) contributes 90% interest in a portfolio of 10 assets concentrated in data center markets across the U.S. and Canada valued at $1.4B with a 4.25% cap rate.
• The company retains a 10% direct ownership interest in each of the assets in the initial IPO portfolio, and contributes the remaining 90% stake to Digital Core REIT, which has a purchase price of approximately $1.3B.
• Digital Core REIT arranges $550M of unsecured credit facilities, consisting of a $200M undrawn revolving credit facility and a $350M fully funded term loan, representing initial leverage of about 27%.
• In addition, the company expects to generate proceeds of approximately $960M, which will be used to pay down debt and to fund future investment activity.
• Digital Realty (DLR) expects to contribute additional stabilized core assets to Digital Core REIT in the future, the company notes.
• Previously, (Nov. 22) Digital Realty increased its existing revolving credit facility to $3.0B.