Keppel funds to sell Frankfurt data center to Iron Mountain for EUR76M

Euro coinsPhoto by Leslie Shaffer

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.