OUE REIT

What OUE REIT does

OUE REIT is a Singapore-listed real estate investment trust (SGX: TS0U) that invests in income-producing commercial, hospitality and retail real estate, primarily in Singapore's central business district and Orchard Road, with a maiden international footprint in Sydney, Australia. Its portfolio of seven assets — OUE Bayfront (50% interest), One Raffles Place (67.95% effective interest), OUE Downtown Office, Mandarin Gallery, Hilton Singapore Orchard, Crowne Plaza Changi Airport (under divestment) and Salesforce Tower Sydney (19.9%) — represents S$6.1 billion of assets under management, over 2.4 million square feet of office and retail space, and 1,655 upper upscale hotel rooms. The trust is externally managed by OUE REIT Management Pte. Ltd., a wholly-owned subsidiary of sponsor OUE Limited (SGX: LJ3), with DBS Trustee Limited acting as trustee.

Revenue is generated through three streams: recurring rental income from long-term leases to blue-chip office and retail tenants in Singapore's CBD, master lease and management fee income from two flagship hotel properties operated by Hilton and IHG, and proportionate associate income from the 19.9% interest in Salesforce Tower acquired in March 2026. Pricing is structured as distribution per unit (DPU) to SGX investors, with FY2025 DPU of S$0.0223 (8.3% YoY growth) and a 6.2% distribution yield, while individual tenant rents are negotiated on a per-lease basis. The REIT pursues an active capital recycling strategy — divesting mature assets such as Lippo Plaza Shanghai and Crowne Plaza Changi Airport and reinvesting into higher-yielding gateway city assets — supported by an investment-grade BBB- credit rating from S&P and consecutive green bond issuances that lowered its weighted average cost of debt to 3.7% by Q1 2026.

Name

OUE REIT

Legal name

OUE Real Estate Investment Trust

Website

https://ouereit.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

OUE REIT is a Singapore-listed REIT (SGX: TS0U) that owns and operates a S$6.1 billion portfolio of seven prime office, retail and hospitality assets in Singapore, with a recent entry into Sydney via a 19.9% stake in Salesforce Tower, serving institutional and retail unitholders through recurring rental and hotel income distributions.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (Diversified Commercial: Office, Retail, Hospitality)

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate investment
• Diversified real estate trust
• Hospitality property management
• Office property leasing
• Retail property investment

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Office and Retail Property Rental Income: OUE REIT earns rental income from its office and retail tenants across OUE Bayfront (50% interest), One Raffles Place (67.95% effective interest), OUE Downtown Office, and Mandarin Gallery. Leases are typically multi-year contracts with blue-chip tenants in Singapore's CBD.
2. Hospitality Income: OUE REIT receives hotel revenues from Hilton Singapore Orchard and Crowne Plaza Changi Airport (being divested), operated under master lease or management agreements with international hotel operators (Hilton, IHG). The master lessee pays rent, with hotel operators entitled to a percentage of revenue and gross operating profit.
3. Joint Venture Associate Income: Following the acquisition of a 19.9% stake in Salesforce Tower, Sydney in March 2026, OUE REIT receives proportionate income from this associate investment. The tower has 99.2% occupancy with a 5.5-year WALE, generating an initial passing yield of approximately 5.8%.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

OUE REIT is a Singapore-listed real estate investment trust that owns, manages, and leases a diversified portfolio of prime office, retail, and hospitality properties. The trust earns rental income from office and retail tenants in Singapore's CBD and Orchard Road, and receives master lease and management income from two upper upscale hotels (Hilton Singapore Orchard and Crowne Plaza Changi Airport). It distributes at least 90% of taxable income to unitholders on the Singapore Exchange, with FY2025 DPU of S$0.0223 and a distribution yield of 6.2%.

Product overview

OUE REIT is a diversified Singapore REIT offering a unified portfolio of seven prime commercial and hospitality properties across Singapore and Australia. The REIT operates as a single investment vehicle combining three Grade A office assets (OUE Bayfront at 50% interest, One Raffles Place at 67.95% effective interest, and OUE Downtown Office), two strategically-located hotels (Hilton Singapore Orchard and Crowne Plaza Changi Airport), one retail property (Mandarin Gallery), and a recent international expansion via Salesforce Tower in Sydney at 19.9% interest. Total assets under management stand at S$6.1 billion with approximately 2.4 million sq ft of office/retail space and 1,655 upper upscale hotel rooms.

Differentiator

Problem solved

Functional benefit

Products and services

• OUE Bayfront An 18-storey premium Grade A office building in Singapore's CBD with panoramic views of Marina Bay, comprising OUE Bayfront, OUE Tower (heritage building with waterfront revolving restaurant), and OUE Link (pedestrian bridge with retail). OUE REIT holds 50% interest through joint venture with Allianz Real Estate Asia Pacific.
• One Raffles Place An integrated commercial development in Singapore's CBD comprising two Grade A office towers (62-storey Tower 1 and 38-storey Tower 2) and a six-storey retail podium, the largest purpose-built shopping mall in Raffles Place. OUE REIT holds an effective 67.95% interest through 83.33% stake in OUB Centre Limited.
• OUE Downtown Office Grade A office component comprising the 35th to 46th storeys of OUE Downtown 1 and the 7th to 34th storeys of OUE Downtown 2, home to established blue-chip tenants in insurance, financial, IT, and multinational corporations. OUE REIT holds 100% interest.
• Mandarin Gallery A high-end retail mall situated over four levels within Hilton Singapore Orchard, featuring 152-metre prime Orchard Road frontage with four duplexes and six street-front retail units for international brand flagship stores. OUE REIT holds 100% interest.
• Hilton Singapore Orchard Hilton's flagship hotel in Asia Pacific featuring 1,080 guestrooms and suites, five dining concepts including Chatterbox and two Michelin-starred Shisen Hanten, and 16 versatile event spaces catering up to 900 guests. OUE REIT holds 100% interest and receives master lease income from Hilton as operator.
• Crowne Plaza Changi Airport A 575-room upper upscale hotel managed by InterContinental Hotels Group (IHG), directly connected to Changi Airport Terminal 3, awarded Skytrax World's Best Airport Hotel for seven years. OUE REIT holds 100% interest and is divesting the asset for S$500 million in 2026.
• Salesforce Tower, Sydney A landmark 55-storey premium-grade commercial tower in Sydney's Circular Quay, the tallest office building in Sydney, with 99.2% occupancy, 5.5-year WALE, and sustainability credentials including Platinum SmartScore, 6 Star Green Star, and Platinum WELL ratings. OUE REIT holds 19.9% associate interest acquired from Mitsubishi Estate.

Quantifiable outcome

• FY2025 DPU increased 8.3% to S$0.0223, with distribution yield of 6.2%
• +6 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major and core.

• Tokyo CenturymajorStrategic or Co-development Partner · 24 June 2026Tokyo Century and OUE Limited formed a joint venture to acquire the Crowne Plaza Changi Airport hotel from OUE REIT for S$500 million. This marks Tokyo Century's first major real estate investment in Singapore, and the acquisition is part of a broader development plan that includes the ongoing construction of Hotel Indigo Changi Airport (a Salter Brothers project) scheduled for completion in 2028. The transaction aligns with OUE's strategy to streamline its REIT portfolio and focus on higher-yielding assets while enabling Tokyo Century to establish a presence in Singapore's hospitality real estate market.
• OUE LimitedcoreStrategic or Co-development Partner · 24 June 2026OUE Limited (SGX: LJ3), the sponsor of OUE REIT, formed a joint venture with Tokyo Century to acquire Crowne Plaza Changi Airport from OUE REIT. OUE Limited is a leading real estate and healthcare group and the sponsor of OUE REIT. OUE REIT Management Pte. Ltd. is a wholly-owned subsidiary of OUE Limited. The sponsor's hospitality division expertise and ongoing involvement in asset management strengthen OUE REIT's operational capabilities.
• HiltoncoreStrategic or Co-development Partner · 24 February 2022Hilton Singapore Orchard is Hilton's flagship hotel in Asia Pacific and its largest in the region. The property was rebranded from Mandarin Orchard Singapore following an extensive refurbishment, with Hilton assuming management under a long-term agreement. The hotel features 1,080 guestrooms and suites, multiple award-winning dining (Chatterbox, Shisen Hanten by Chen Kentaro, Osteria Mozza), and extensive MICE facilities. Hilton operates the property, and OUE REIT receives master lease income under its ownership structure.
• OUB Centre LimitedcoreStrategic or Co-development Partner · 1 October 2014OUE REIT holds an effective 67.95% interest in One Raffles Place through its 83.33% stake in OUB Centre Limited, which owns 81.54% beneficial interest in the integrated commercial development. OUB Centre Limited internally manages the property. One Raffles Place comprises Tower 1 (62-storey), Tower 2 (38-storey), and a six-storey retail podium, strategically located above Raffles Place MRT interchange station.
• DBS Trustee LimitedcoreOthers · 27 January 2014DBS Trustee Limited serves as the trustee of OUE Real Estate Investment Trust, holding trust assets on behalf of unitholders. The trustee is responsible for safeguarding unitholder interests and ensuring compliance with the trust deed and applicable regulations, including MAS guidelines under the Code on Collective Investment Schemes.
• OUE Allianz Bayfront LLPcoreStrategic or Co-development Partner · 1 January 2011OUE REIT holds 50% interest in OUE Allianz Bayfront LLP, the joint venture entity co-owned with Allianz Real Estate Asia Pacific, which owns 100% of OUE Bayfront. The LLP manages the premium Grade A office building between Marina Bay and Raffles Place, and the associated OUE Tower and OUE Link properties.
• InterContinental Hotels Group (IHG)coreStrategic or Co-development Partner · 1 May 2008Crowne Plaza Changi Airport is managed by InterContinental Hotels Group (IHG) under a Hotel Management Agreement and Master Lease Agreement (expiring in 2028). The hotel has been operated by IHG since its opening in May 2008, with 320 original rooms and a 2016 extension adding 243 rooms. IHG is entitled to a management fee computed as a percentage of revenue and a percentage of gross operating profit. The REIT is divesting the asset ahead of the agreement's 2028 expiry as part of capital recycling strategy.

Scale indicators16 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Keppel REIT: Singapore-listed REIT focused on Grade A office assets in Singapore CBD and key Asia-Pacific cities. Direct competitor for CBD office tenants and similar blue-chip tenant base.
• Suntec REIT: SGX-listed office and retail REIT anchored by Suntec City in Singapore's CBD/Marina area. Comparable Grade A office exposure with adjacent retail component.
• CapitaLand Integrated Commercial Trust: SGX-listed diversified REIT investing in Grade A office and retail properties across Singapore. Most direct large-cap peer with overlapping CBD office exposure and similar institutional investor base.
• Mapletree Pan Asia Commercial Trust: Diversified S-REIT with Singapore office, retail and pan-Asia commercial assets. Comparable scale (multi-billion AUM) and similar active capital recycling model.
• CDL Hospitality Trusts: SGX-listed hospitality-focused trust with Singapore and overseas hotels under management agreements. Direct peer for OUE REIT's hotel assets (Hilton Orchard, Crowne Plaza Changi).
• Lendlease Global Commercial REIT: SGX-listed REIT with Singapore and Milan commercial assets. Notably the only other listed Singapore REIT with meaningful European/Australian commercial exposure, making it the closest comparable for OUE REIT's new Salesforce Tower strategy.
• Ascott Residence Trust: SGX-listed hospitality trust focused on serviced residences and hotels across Asia Pacific. Comparable hospitality distribution model and managed-by-third-party-operator structure.
• Far East Hospitality Trust: SGX-listed hospitality trust with Singapore hotels and serviced residences. Smaller-cap direct peer for the hotel side of OUE REIT's portfolio.

Broad incumbents

• Frasers Property Limited: Large diversified real estate group with multiple Singapore-listed REITs spanning commercial, hospitality, and industrial assets. Comparable as a broader incumbent in the same ecosystem though at much larger scale.

Regional players

• Goodman Group: ASX-listed commercial/industrial property group with significant Asia-Pacific presence. Comparable as a regional Australian-anchored platform that could compete for similar gateway-city office acquisitions as OUE REIT expands beyond Singapore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ouereit

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OUE REIT