Thai data center firm INET is to set up a data center Real Estate Investment Trust (REIT).
INET Leasehold Real Estate Investment Trust (INETREIT) will invest in INET’s IDC3 Phase 1 project in Saraburi Province.
The REIT will launch with an initial capital commitment worth 4.3 billion baht ($130.5 million) and will be listed on the Stock Exchange of Thailand in early August.
EXPLAINED: What is a data center REIT?
INET currently operates three data centers; IDC1 and IDC2 in Bangkok, and IDC3 in Saraburi Province’s Kang Khoi. IDC3 currently has 20,450 sq ft (1,900 sqm) of data halls, with an additional 38,750 sq ft (3,600 sqm) due to be built.
INETREIT will acquire IDC3 Phase 1, and INET will lease the site from the REIT for around $11 million per year. The lease for the facility runs for 24 years.
The REIT has also been granted right of first refusal for future Phase 2, Phase 3, and Phase 4 projects at IDC3 as well as other INET data centers to support investment expansion plans in the future.
In June Tencent opened a new availability zone in Bangkok. STT GDC and SuperNAP have both developed hyperscale facilities in the city.
