THE manager of Keppel DC Reit : AJBU 0% said on Tuesday (Jun 6) that the filing for Chapter 11 bankruptcy protection in the US by Nasdaq-listed data centre operator Cyxtera will have “no material impact” on its distribution per unit (DPU).

“Cyxtera is our customer at GV7 Data Centre in London,” a Keppel DC Reit spokesperson said in response to queries from The Business Times (BT).

“This asset accounts for less than 2 per cent of Keppel DC Reit’s assets under management and has no material impact on our DPU,” the spokesperson added.

The Singapore-listed real estate investment trust’s (S-Reit) GV7 Data Centre in the UK has an attributable lettable area of 24,972 square feet (sq ft).

Cyxtera is the only tenant at the property, which had a weighted average lease expiry by area of 3.9 years as at Mar 31.

The property was valued at £36 million (S$59 million) as at Dec 31, 2022.

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As at end-March, Keppel DC Reit had S$3.7 billion in assets under management, spanning 23 data centres across nine countries in Asia-Pacific and Europe.

Digital Core Reit : DCRU 0% – the other pure-play data centre S-Reit – on Monday said its second-largest tenant currently occupies 100 per cent of five shell-and-core facilities in Silicon Valley and Los Angeles, and 4 per cent of a fully fitted facility in Frankfurt.

BT understands that the tenant is Cyxtera, whose facilities are spread across six of the Reit’s data centres, representing 26.6 per cent of the Reit’s total portfolio value as at end-2022.

The Reit manager noted that the data centre operator has remained current on its rental obligations through May 2023, but has yet to pay rent for June.

While it expects to be able to minimise any potential DPU impact on the Reit, the manager warned that the Reit’s DPU could fall by as much as US$0.02 if the annual revenue from Cyxtera were to be completely eliminated.

Digital Core Reit’s DPU stood at US$0.0398 for the full year ended Dec 31, 2022.

Mapletree Industrial Trust : ME8U 0% (MIT), which has over half of its assets under management in the data centre space, disclosed earlier on Tuesday that its third-largest tenant by gross rental income has only partially fulfilled its rental obligations for May this year.

BT understands that the tenant is Cyxtera, which occupies spaces in seven of MIT’s data centres held under the Mapletree Rosewood Data Centre Trust, which is a 50:50 joint venture with sponsor Mapletree Investments.

As at Mar 31, Cyxtera contributed about 3.2 per cent of MIT’s monthly gross rental income.