Keppel DC REIT, which describes itself as the first data centre real estate investment trust (REIT) listed in Asia, is diversifying into the network infrastructure space via a deal to manage Singapore telco M1’s mobile, fixed and fibre assets. In a deal announced late last week between Keppel Corp, Singapore Press Holdings (SPH) and Keppel DC REIT, a new joint venture (JV) is being set up to hold the assets. Keppel Corp and SPH jointly control M1 and have agreed to spin off the network infrastructure side of the business into M1 Network, which has a valuation of around SGD580 million (USD430 million). The transaction will be financed in part by Keppel DC REIT, the companies confirmed in a joint stock market filing. It is understood the spinoff will enable Keppel to generate funds to further implement M1’s restructuring plan – announced in 2020 – while providing Keppel DC REIT around SGD11 million per annum over a 15-year period. M1 and Keppel DC REIT will have equal representation on M1 Network’s board. The deal is subject to the necessary regulatory and shareholder approvals.