GDS Holdings (GDS) said Wednesday it has priced an initial public offering of 800 million units for its China REIT at 3 Chinese renminbi per unit, raising gross proceeds of RMB 2.4 billion ($335 million).

GDS will sell a 100% equity interest in a project company holding stabilized data center assets to China REIT at an enterprise value of about RMB 2.32 billion and expects to receive net proceeds of approximately RMB 2.11 billion, according to the company.

It will also deconsolidate RMB 62 million of net debt and other liabilities and reinvest RMB 480 million to acquire 20% of the issued units, said the company.

The units are expected to trade on the Shanghai Stock Exchange.