Iggy's Journal: Keppel DC REIT's $1.2 Billion Deal Is "Accretive." Here's the Discount New Units Are Priced At

3 September 2026, AM

New Video

New video is up. "Accretive" sounds like every unitholder wins by default. I'm looking at the other side of it. Keppel DC REIT is issuing 280.1 million new units, roughly 11.4% of the existing unit base, at a discount of up to 4.6%, to help fund the Tokyo data centre acquisition. The Tokyo assets may lift DPU by 2.6%. At the same time, everyone holding units before this gets a smaller slice of the REIT than they had last week. Both things are true. Neither cancels the other out.

Gearing sits at 34.0%, still clear of my 35% ceiling. Occupancy is 92.5%, still short of my 95% floor, because Cardiff remains vacant. Iggy's Forensic Zone: Zone 4, Caution. A higher blended occupancy number once Tokyo closes would not mean Cardiff got re-leased. It would just mean a bigger, healthier denominator sitting next to the same unresolved problem.

My Personal Take

I'll be honest, this is exactly the kind of announcement I run through my own process before I let it move me either way. "Accretive" is a word that gets used to end a conversation, not start one, and I want to know exactly what it's papering over before I nod along.

Here's the thing that actually matters to me. Dilution and DPU growth can both be genuinely true at once, and most people only get told the second half. New units at a discount mean existing holders are giving something up right now to fund something that pays off later, maybe. That's not a red flag by itself. It's just the trade nobody puts in the headline.

Cardiff is still the piece I'm watching. Everything else here, Tokyo, the placement, the DPU bump, sits on top of an occupancy gate that hasn't actually moved. 

Kopi in hand, full breakdown's in the video, go watch.

📺 https://youtu.be/e3cW-VdPx8A

📩 https://investingiguana.com/p/keppel-dc-reits-12-billion-deal-is

Not financial advice. 

Cheers, Iggy 🦖

Iggy's Journal: Mapletree Industrial Trust Says 'No Certainty' on a US Data Centre Sale. Here's Why My Zone Call Doesn't Move Yet

1 September 2026, AM

Overnight Read:

Wall Street pulled back Monday on renewed Middle East tension. US forces struck rocket launchers on Larak Island in the Strait of Hormuz, Iran launched retaliatory strikes on US positions, and markets responded the way they usually do to that kind of escalation, Dow down 0.70% to 53,185.90, S&P 500 down 0.33% to 7,686.14, Nasdaq holding up relatively better at down 0.12% to 26,370.89 as energy names rallied and offset some of the tech weakness. 

Back home, the STI actually climbed 0.97% to 5,755.36, a strong session led by the banking trio, UOB up 1.91% to S$41.56, DBS up 1.64% to S$77.40, OCBC up 1.45% to S$31.52. Separately, Mapletree Industrial Trust said there's "no certainty" any deal will result from a report on a potential US data centre divestment. 

My Personal Take:

On MIT, I want to be precise about what this statement actually is and isn't. It's a denial that any deal is certain, not a denial that talks exist, and either way it doesn't touch what's actually driving my Zone 4- call on this name. That call rests on gearing at 37.5%, breaching my 35% ceiling, and portfolio occupancy at 90.7%, missing my 95% prime-asset floor, both balance sheet facts, not speculation about a US data centre sale. If a real divestment eventually materializes and it's the North American segment specifically, that could genuinely move the occupancy number, since that's the segment dragging the portfolio average down. 

Not financial advice. Iggy's Forensic Compliance Standards apply.

https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-says-no-certainty-any-deal-after-report-potential-us-data-centre?ref=home-top-stories-1

Cheers, Iggy 🦖