Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

Equity Bottom-Up

<ul>
<li>Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data centre purposes, as well as assets necessary to support the digital economy.</li>
<li>DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers.</li>
<li>As at 31 December 2025, DCREIT’s portfolio was valued at US$1.8 billion (at share) and comprised 11 data centres located in the United States, Canada, Germany and Japan.</li>
</ul>


Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing real estate assets located globally which are primarily used for data centre purposes, as well as assets necessary to support the digital economy.
DCREIT owns a portfolio of freehold facilities that support the underlying businesses of leading technology service providers.
As at 31 December 2025, DCREIT’s portfolio was valued at US$1.8 billion (at share) and comprised 11 data centres located in the United States, Canada, Germany and Japan.


Digital Core Reit Company Update (19 April 2026)

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul><li>The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.</li><li>This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.</li><li>The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. </li></ul>

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge performance fees that are paid even if there is a decline in distributable income and/or distributions.This is because the performance fee is pegged to a percentage of the REIT’s net property income (definition varies) and is paid whether this income, or a similar metric, increased or decreased.The 5 business trusts (BTs), on the other hand, have performance fees that are pegged to an increase in distribution per unit (DPU), or beating certain DPU benchmarks. 

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Thematic (Sector/Industry)

<ul>
<li>Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.</li>
<li>The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.</li>
<li>Singapore remains the region’s premium node even as expansion becomes harder.</li>
</ul>


Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.
The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.
Singapore remains the region’s premium node even as expansion becomes harder.


Singapore Data Center Primer: Premium Node in a Constrained Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Centurion Accomodation REIT IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>In this note, we look at the REIT's portfolio and performance.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT's portfolio and performance.


Centurion Accomodation REIT IPO - New Asset Class

Singapore

Digital Core REIT is a Singapore-based real estate investment trust (S-REIT) that invests in a diversified portfolio of income-producing data center assets globally. It provides critical digital infrastructure, including buildings, power, cooling, and physical security, to cloud, internet, and enterprise customers. The company is headquartered in Singapore and was founded in 2021.

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Digital Core REIT (DCREIT SP)

Digital Core Reit Company Update (19 April 2026)

Digital Core REIT (“DCREIT”) is a Singapore real estate investment trust that invests in a diversified portfolio of stabilised income-producing...

FPA Financial

Singapore Reits & Business Trust Sector: Pseudo-Performance and Other Fees

The performance fee is an incentive for managers to grow the income and distributions of REITs, but half of the 41 REIT managers charge...

Corporate Monitor Limited

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

Centurion Accomodation REIT IPO - Thoughts on Valuation

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about valuations.

Sumeet Singh

Centurion Accomodation REIT IPO - New Asset Class

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about the REIT's...

Sumeet Singh

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