Keppel (Keppel DC REIT) data centers: 16 sites mapped

Keppel works in data centers through two related businesses: Keppel Ltd., which develops campuses with its private data center funds, and Keppel DC REIT, a listed trust that buys the finished, leased buildings. On September 2, 2026 the two agreed to buy a 90 percent stake in two data centers in Inzai City, Japan, Tokyo Data Center 4 and 5, for 190 billion yen (about $1.22 billion), fully leased to four clients. The deal, closing late 2026, would take the REIT to about S$7.6 billion of assets across 27 data centers in 10 countries.

Its home base is Singapore. At the Keppel Data Centre Campus at Genting Lane, Keppel finished two buildings in early 2025 and said it would start a third, SGP 9, in mid-2026; the campus land lease was extended in late 2025 by ten years, to July 15, 2050. In April 2026 Keppel began building a floating data center at 25 Loyang Crescent, an idea it first explored in 2019: about 25 megawatts, cooled by seawater, already committed to one large tech company and due to open in 2028.

The REIT's growth has not been trouble-free. In 2023 its tenant at two China buildings, Bluesea Data Development, fell months behind on rent it owed after selling the buildings to the REIT and leasing them back; the REIT said it was owed about $6.8 million, and its payouts to investors fell 8.1 percent that year. Chief executive Loh Hwee Long said the REIT would pursue a recovery plan with the tenant rather than litigation.

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