The new lease incorporates fixed 5% annual rent escalations, providing contractual organic income growth over the three-year lease term commencing on April 1.
NTT DC REIT has successfully renewed the SG1 master services agreement dated March 31 between NTT Global Data Centers SG1 LLP, a wholly-owned subsidiary of NTT DC REIT, and NTT Singapore, an indirect wholly-owned subsidiary of NTT. SG1 is located on 51 Serangoon North Avenue 4.
The renewed SG1 Master Services Agreement delivers a positive rental reversion of about 23% to $474 per kilowatt, compared with the $385 per kilowatt committed under the previous one-year lease.
