Japan's Nippon Telegraph & Telephone Corp (NTT) is exploring the possibility of listing a global data center real estate investment trust (REIT) in Singapore, according to sources familiar with the matter. The Tokyo-based company could potentially raise up to $1 billion (S$1.29 billion) from this initial share sale, with the data center assets valued between $2 billion and $3 billion.

The listing could occur as soon as late 2025, and NTT is currently working with financial advisers to identify the data centers to be included in the REIT. However, these discussions are still in the preliminary stage, and the company may ultimately decide not to proceed.

According to Bloomberg, a representative from NTT Data Group confirmed the consideration of a REIT but noted that no decisions have been made yet.

If successful, the listing would be the largest in Singapore since Netlink NBN Trust raised $1.7 billion in 2017. So far this year, Singapore's IPO activity has been minimal, with only $19.5 million raised from a single listing by Singapore Institute of Advanced Medicine Holdings.

NTT operates one of the largest global data center platforms, spanning over 20 countries. The company, which has a market value of approximately $93 billion, is also engaged in integrated information and communication technology, global solutions, real estate, and energy, among other sectors. The Japanese government remains NTT's largest shareholder, holding a 32 percent stake.