OUE REIT
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.
- Company typePublic
- Founded2014
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B
- OfferingServices
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.
OUE REIT firmographics
Firmographics- 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
OUE REIT industry classification
Industry- 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
Where OUE REIT is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
OUE REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- 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.
- 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.
- 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
OUE REIT product offering
Product offeringCore 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
Companies that use OUE REIT
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
OUE REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
OUE REIT partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered major and core.
- Tokyo CenturymajorTokyo 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 LimitedcoreOUE 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.
- HiltoncoreHilton 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 LimitedcoreOUE 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 LimitedcoreDBS 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 LLPcoreOUE 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)coreCrowne 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
OUE REIT competitors and assessment
Company assessmentDirect 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
OUE REIT social profiles
Digital presenceOUE REIT compliance and trust
Trust signalCompliance10 records
OUE REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
OUE REIT leadership team
Management profileNumber of profiles
Profiles6 records
OUE REIT subsidiaries and ownership
Company hierarchySubsidiaries3 records
OUE REIT funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OUE REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OUE REIT
What does OUE REIT do?
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%.
Is OUE REIT a public or private company?
OUE REIT is a public company. It is classified as public and is currently operating.
When was OUE REIT founded?
OUE REIT was founded in 2014. It employs 51 to 100 people.
Where is OUE REIT based?
OUE REIT is headquartered in Singapore, Singapore, in the Asia region.
How does OUE REIT make money?
Three revenue lines are on record. Office and Retail Property Rental Income is the primary driver. The others are hospitality Income and joint Venture Associate Income.
Who are OUE REIT's main competitors?
Direct peers on record are Keppel REIT, Suntec REIT, CapitaLand Integrated Commercial Trust, Mapletree Pan Asia Commercial Trust, CDL Hospitality Trusts, Lendlease Global Commercial REIT, Ascott Residence Trust and Far East Hospitality Trust. Frasers Property Limited is listed as a broad incumbent. Goodman Group is listed as a regional player.
Does OUE REIT have an API?
No public API is recorded for OUE REIT.
What industry is OUE REIT in?
OUE REIT's product category is Real Estate Investment Trust (Diversified Commercial: Office, Retail, Hospitality). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities. Its NAICS code is 525 and its SIC code is 6798.