Keppel Corp. said Thursday the Frankfurt, Germany, data center, Keppel DC Frankfurt 1, would be divested to Iron Mountain for 76 million euros, or around S$121.6 million.
The data center is held by Calcium DC, which is a 60-40 joint venture between Alpha DC Fund and Keppel Data Centres Holding (KDCH), Keppel said in a filing to SGX.
Alpha DC Fund is managed by Keppel Capital, which is Keppel’s asset management group, while KDCH is a 70-30 joint venture between Keppel Telecommunications & Transportation and Keppel Land, both subsidiaries of Keppel Corp.
The book value of the data center was at 63 million euros at end-2020, the filing said.
The deal is expected to be completed in the third quarter of this year.