The Singapore REIT market provided a number of key transactions in 2025, ranging from the IPOs of NTT DC REIT and Centurion Accommodation REIT to the delisting of Frasers Hospitality Trust.
Overall, most REITs’ share prices ended the year on a positive note, with the exception of small and mid-cap REITs that underperformed due to headwinds facing their business.
In this article, we go through each of the REIT sectors: office, industrial, retail, hospitality / lodging, healthcare, data centres, and diversified, and summarize key transactions that happened in 2025, especially the latter part of the year.
Firstly, to set the context, according to REITAS, there are 5 REIT ETFs traded on the Singapore stock exchange.
- Lion-Philip S-REIT ETF (CLR)
- Amova-Straits Trading Asia ex Japan REIT Index (CFA)
- Philip SGX APAC Dividend Leaders REIT ETF (BYI)
- CSOP iEdge S-REIT Leaders ETF (SRT)
- UOB Asia Pacific Green REIT ETF (GRN)
All the ETFs have provided positive returns of between 13%-23% for the year, and as we will see below, this is reflected in most of the individual REIT performance.
Office REITs
Some notable developments among the office REITs include the following
Keppel REIT
- Acquisition of 75% interest in Top Ryde City Shopping Centre in Dec 2025 for A$393.8m or approximately S$334.8m. The acquisition of the regional mall in Sydney represents Keppel REIT’s strategic expansion into the retail asset class. The acquisition is expected to be DPU-accretive and will enhance Keppe REIT’s overall returns, while strategically complementing its Singapore office-focused portfolio.
- Acquisition of one-third interest in Marina Bay Financial Centre Tower 3 in Dec 2025 at an agreed property value of S$1,453m or approximately S$3,268 pft. This agreed property value is approximately 1.0% below the property’s independent valuation. Post-completion, Keppel REIT will hold in aggregate two-third interest in MBFC Tower 3. The remaining one-third will be held by DBS Bank, which is also the tower’s anchor tenant.
Elite UK REIT
- Elite UK REIT acquired three government-leased properties in June 2025. The total acquisition amounted to GBP 9.2 million, and the seller was Elite Phoenix Limited, a wholly-owned subsidiary of Elite UK Commercial Fund III. According to official press releases, the properties provide a gross rental income yield of 9.2%, and are expected to be 0.6% DPU accretive to Elite UK REIT.
- The REIT also divested Crown Buildings, Caerphilly at GBP 710,000, an 18% premium to valuation in Mar 2025.
Manulife US REIT
Manulife US REIT continues to underperform, returning a negative 22% for the whole year. Some notable developments for Manulife US REIT in the Oct to Dec 2025 period included
- An EGM to vote on the acquisition and disposition mandates pursuant to the Growth and Value Up plan. Both were passed with 83.1% voting for the disposition plan and 83% voting for the acquisition plan. The plans provide for a broadened investment mandate to invest in income-producing real-estate in the US and Canada, with a focus on industrial, living sector and retail assets. It also allows for the revitalization of the portfolio through the sale of up to three office assets with proceeds used to acquire new assets, repay debt and fund capital expenditures, tenant incentives and leasing costs. The objective is to lower Manulife US REIT’s aggregate leverage.
According to REITAS, office REITs comprise the following
- Keppel (K71U)
- Prime US (OXMU)
- Keppel Pacific Oak US (CMOU)
- Manulife US (BTOU)
- Elite UK (MXNU)
Throughout 2025, all the office REITs, with the exception of Manulife US REIT, provided positive returns of 18%-36%. Manulife US REIT declined approximately 22%.
Industrial REITs
Some notable developments among the industrial REITs include the following
CapitaLand Ascendas
- Acquisition of 3 properties in Singapore – 2 Pioneer Sector 1, Tuas Connection and 9 Kallang Sector in Dec 2025
- Acquisition of 5 Science Park Drive for S$137.1m and 9 Tai Seng Drive (expected S$275.5m)
- Divestment of Astmoor Road in the UK in Nov 202 and 95 Gilmore Road in Australia in Dec 2025
- Acquisition of two freehold plots of land in the East Midlands, UK, in Aug 2025
ESR REIT
- Divestment of a portfolio of 8 industrial properties in Singapore for an aggregate sale consideration of S$338.1m in Dec 2025. The properties are located mainly in the western part of Singapore, around the Pioneer, Jurong Port, and Tuas areas. The rationale of the divestment is to minimize the impact of land lease decay and reduce the decline in NAV of the REIT, while balancing the needs of stable, growing distributions and having a future-ready asset portfolio that delivers sustainable returns to unitholders.
Mapletree Industrial Trust
- Divestment of three industrial properties in Singapore, namely 2 International Business Park, The Synergy, and Marsiling Industrial Estate, for a total sale consideration of S$535.3m. The divestment rationale is part of the REIT manager’s strategy to deliver sustainable returns by reviewing the portfolio’s composition and to redeploy capital towards potential investment opportunities.
According to REITAS, industrial REITs comprise the following
- CapitaLand Ascendas (A17U)
- Mapletree Logistics (M44U)
- Mapletree Industrial (ME8U)
- ESR (9A4U)
- AIMS APAC (O5RU)
- Alpha Integrated (M1GU)
- Daiwa House Logistics (DHLU)
Throughout 2025, all the industrial REITs except Mapletree Industrial Trust provided positive returns of 5%-45%. Mapletree Industrial Trust slightly underperformed with a decline of 1%.
Retail REITs
Some notable developments among the retail REITs include the following
Frasers Centrepoint Trust
- Acquisition of Northpoint City South Wing for S$1.17b in Mar 2025. Following the acquisition, Frasers Centrepoint Trust owns 100% of Northpoint City’s North Wing and South Wing, giving it the opportunity to unlock value through AEIs, tenant mix strategies, and enhancing operations. Frasers Centrepoint Trust’s market share of suburban shopping centre by net lettable area also increased to 10.3% from 9.1%, strengthening its leadership position.
United Hampshire US REIT
- Acquisition of Dover Marketplace for US$16.375m in Aug 2025. Dover Marketplace is a retail neighbourhood shopping centre in Dover Township, York County, Pennsylvania, anchored by the GIANT Company, which is owned by Ahold Delhaize, a leading supermarket operator in the Mid-Atlantic region of the US. The acquisition is expected to be accretive to United Hampshire US REIT’s DPU by 2.0% (together with the Albany divestment).
According to REITAS, retail REITs comprise the following
- Frasers Centrepoint (J69U)
- Starhill Global (P40U)
- Sasseur (CRPU)
- Lippo Malls Indonesia (D5IU)
- United Hampshire US (ODBU)
- BHG Retail (BMGU)
Throughout 2025, all the retail REITs, with the exception of Lippo Malls Indonesia and BHG Retail REIT, provided positive returns of 9%-25%.
Hospitality / lodging REITs
Some notable developments among the hospitality / lodging REITs include the following
Centurion Accommodation REIT
- The highlight among hospitality / lodging REITs is the IPO of Centurion Accommodation REIT in Sep 2025. The REIT listed with 14 properties initially, before it will expand to 15 with EPIISOD Macquarie Park. The initial portfolio size will be S$1.84b, before expanding to S$2.12b. The IPO offer price was at S$0.88 per unit, and as at the time of this article, it has risen to S$1.15. The gearing ratio was 20.9% at IPO, before it is expected to rise to 31% post the EPIISO acquisition. Dividend yield is forecasted to be between 7-8% in FY2026 and FY2027.
CapitaLand Ascott REIT
- Divestment of Citadines Central Shinjuku Tokyo in Jul 2025 for JPY25b or approximately S$222.7m. The property has 206 rooms with a gross floor area of approximately 8,085 sqm and was built in 2008. It has a freehold tenure.
- Acquisition of three rental housing properties in Japan for JPY4b in Aug 2025. Two of the rental housing properties are in Osaka while the third is in Kyoto. The acquisition is expected to be accretive to DPU by 0.3%, and is in line with CapitaLand Ascott REIT’s strategy to focus on Japan, which has strong living sector fundamentals.
Frasers Hospitality Trust
- Another significant transaction in 2025 was the delisting of Frasers Hospitality Trust in Sep 2025 at an offer price of S$0.71 per stapled security. The rationale for the divestment was the trust’s struggle to boost distributions and growth amid economic headwinds and FX challenges. The REIT previously had a portfolio value of approximately S$2b.
According to REITAS, hospitality / lodging REITs comprise the following
- CapitaLand Ascott (HMN)
- CDL Hospitality (J85)
- Far East Hospitality (Q5T)
- Centurion Accommodation (8C8U)
- Acrophyte Hospitality (XZL)
Throuughout 2025, all the hospitality REITs provided positive returns of 2%-39%.
Healthcare and data centre REITs
Some notable developments among the healthcare and data centre REITs include the following
NTT DC REIT
- A significant transaction in 2025 was the listing of NTT DC REIT in Jul 2025. The IPO portfolio comprised 6 institutional-quality data centres valued at US$1.6b, located in the US, Austria and Singapore, with a 94.3% occupancy rate. The forecasted annualized distribution yields are between 7.5%-7.8% based on the offer price of US$1.00 per unit. Cornerstone investors includes Singapore’s own sovereign wealth fund, GIC, who have subscribed for an aggregate of 172.8 million units, which represents 16.8% of the units in issue after offering.
According to REITAS, healthcare REITs comprise the following
- Parkway Life (C2PU)
- First REIT (AW9U)
According to REITAS, data centre REITs comprise the following
- Keppel DC (AJBU)
- NTT DC (NTDU)
- Digital Core (DCRU)
Throughout 2025, all healthcare REITs and one data centre REIT (Keppel DC REIT) delivered positive returns of 5%-22%. The two data centre REITs that underperformed was Digital Core REIT and NTT DC REIT.
Diversified REITs
Some notable developments among the diversified REITs include the following
CapitaLand Integrated Commercial Trust
- CapitaLand Integrated Commercial Trust’s acquisition of the remaining 55% interest in CapitaSpring in Aug 2025 based on an agreed property value of S$1.9b. The acquisition is expected to deliver DPU accretion of 1.1% and strengthen CICT’s leadership position in Singapore’s commercial real estate market.
Frasers Logistics & Commercial Trust
- Frasers Logistics & Commercial Trust’s divestment of 357 Collins Street in Melbourne in Sep 2025 for A$192.1m. This comes on the back of market conditions remaining challenging in the Melbourne CBD office sector. According to the REIT manager’s CEO Anthea Lee, the divestment is a strategic step in their ongoing portfolio reconstitution, which will allow the REIT to extract value from a commercial proeprty and re-weight the portfolio towards logistics & industrial properties.
Lendlease Global Commercial REIT
- Lendlease Global Commercial REIT’s acquisition of a 70% interest in PLQ mall which completed in Nov 2025. The agreed property value was S$885m, and Lendlease REIT financed the acquisition through a private placement of approximately S$280m. Among other reasons, a key acquisition rationale was to strengthen the portfolio’s diversity and income stability, with exposure to essential services rising from 57.7% to 59.9%, and to expand the REIT’s exposure in Singapore.
- Lendlease Global Commercial REIT’s divestment of the office component of Jem in Aug 2025. The sale was completed at a consideration of S$462m, and the key reasons for the divestment was to improve the REIT’s financial position, enhance financial flexibility to support portfolio growth and to realise the value of Jem office, among other reasons.
According to REITAS, diversified REITs comprise the following
- CapitaLand Integrated Commercial (C38U)
- Mapletree Pan Asia (N2IU)
- Suntec REIT (T82U)
- Frasers Logistics & Commercial (BUOU)
- OUE REIT (TS0U)
- CapitaLand China (AU8U)
- Lendlease Global Commercial (JYEU)
- CapitaLand India (CY6U)
- Stoneweg European (SET)
- IREIT Global (8U7U)
Throughout 2025, all of the diversified REITs provided positive returns (including dividends) of 8%-33%, with the exception of IREIT Global, which announced in Jul 2025 that its wholly-owned subsidiaries were served with payment orders by the former main tenant at Berlin Campus. IREIT Global declined approximately 4% throughout the year.
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