Keppel DC REIT has entered into an agreement with Singapore telecom operator M1 to own and operate its network assets:

M1 will be responsible to establish the SPV, which will acquire M1's current mobile, fixed and fibre assets for S$580 million in cash.

The consideration will be funded through external financing of S$493 million and an S$87 million investment by Keppel DC Reit, in return for a combination of debt securities and preference shares to be issued by the SPV. While M1 will retain 100 per cent of the SPV's ordinary shares, M1 and Keppel DC Reit will be equally represented on the board of the SPV.

Keppel Corporation is a co-owner of M1 and also a sponsor of Keppel DC REIT.