CapitaLand Ascendas REIT

What CapitaLand Ascendas REIT does

CapitaLand Ascendas REIT (CLAR) is Singapore's first and largest listed business space and industrial Real Estate Investment Trust, listed on the Singapore Exchange (SGX: A17U) since November 2002 and managed by CapitaLand Ascendas REIT Management Limited under sponsor CapitaLand Investment Limited. The REIT owns and operates a diversified portfolio of approximately 233 properties with assets under management of roughly S$18-18.7 billion, serving over 1,730 customers across Singapore, Australia, the United States, the United Kingdom/Europe, and Japan (newly entered in 2026). The portfolio is organised into three segments: Business Space and Life Sciences (including the S$1.4 billion Geneo cluster at Singapore Science Park and the Grab build-to-suit at one-north), Logistics (S$4.9 billion across five countries, recently extended to Spain), and Industrial and Data Centres (encompassing European data centres acquired in 2021 and a maiden hyperscale data centre in Greater Osaka via a 49% stake with Mitsui & Co. Realty Management).

CLAR generates substantially all of its revenue through rental income from its diversified property portfolio, supplemented by capital recycling gains on divestments. For FY2025 the REIT recorded gross revenue of approximately S$1.54 billion (+1% YoY) and distributable income of S$678.3 million (+1.4% YoY), translating to a distribution per unit of S$0.15005 paid semi-annually. The go-to-market operates along two vectors: raising equity capital from public unitholders via periodic private placements and preferential offerings (most recently S$900 million in March 2026, with the preferential offering 244.2% oversubscribed), and accessing senior unsecured and secured debt facilities under a Moody's A3 issuer rating (affirmed March 2026). Capital is deployed into accretive acquisitions in growth segments — logistics, life sciences, and data centres — while divesting older assets at premiums to original purchase price (nine properties at a 14% premium in 2025). Aggregate leverage was reduced from 42% to 37.3% post the March 2026 equity raise, reflecting a disciplined balance-sheet posture. The REIT is included in the FTSE Straits Times Index, MSCI, EPRA/NAREIT, and GPR Asia 250, and is held by substantial unitholders including Temasek-linked entities and BlackRock.

Name

CapitaLand Ascendas REIT

Legal name

CapitaLand Ascendas REIT

Website

https://capitaland-ascendasreit.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

CapitaLand Ascendas REIT is Singapore's first and largest listed business space and industrial REIT, operating ~233 properties worth ~S$18 billion across Singapore, Australia, the US, UK/Europe, and Japan, serving over 1,730 tenants in logistics, life sciences, and data centre assets.

Ownership category

akta.pro rank

Product category

Industrial Real Estate Investment Trust (REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Industrial REIT
• Business space REIT
• Logistics properties
• Data centre REIT
• Life sciences properties

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Rental Income from Property Portfolio: CLAR generates revenue through collecting rents from its diversified portfolio of industrial, logistics, business space, life sciences, and data centre properties across Singapore, Australia, the United States, United Kingdom/Europe, and Japan. Rental income is the primary revenue driver, with new acquisitions and rental reversions contributing to top-line growth. The REIT distributes the majority of its taxable income to unitholders on a semi-annual basis.
2. Distribution Per Unit (DPU): CLAR distributes earnings semi-annually (for periods ending 30 June and 31 December) to unitholders as the primary return mechanism. FY2025 DPU was S$0.15005, with distributable income of S$678.3 million. Distributions are paid out of rental income net of operating expenses and borrowing costs.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

CapitaLand Ascendas REIT (CLAR) is a publicly listed business space and industrial Real Estate Investment Trust that owns and manages a diversified portfolio of approximately 233 properties across Singapore, Australia, the United States, UK/Europe, and Japan, spanning business space and life sciences, logistics, and industrial and data centre assets. The REIT earns rental income from leasing these properties to over 1,730 enterprise tenants, and distributes the majority of its taxable income to unitholders on a semi-annual basis (FY2025 distributable income of S$678.3 million, DPU of S$0.15005). The portfolio is actively rejuvenated through accretive acquisitions of higher-specification assets and divestments of older properties at premiums to original purchase price.

Product overview

CapitaLand Ascendas REIT (CLAR) is a single, unified REIT product structured as a global real estate investment trust. The portfolio comprises three interconnected segments — Business Space and Life Sciences, Logistics, and Industrial and Data Centres — spanning five developed markets (Singapore, Australia, United States, United Kingdom/Europe, and Japan). The REIT is sponsored by CapitaLand Investment and is Singapore's first and largest listed business space and industrial REIT, with approximately S$18 billion in assets under management, 233 properties, and over 1,730 customers.

Differentiator

Problem solved

Functional benefit

Products and services

• CapitaLand Ascendas REIT (SGX-listed REIT units) Singapore-listed business space and industrial REIT units traded on SGX-ST under ticker A17U, providing investors with exposure to a diversified portfolio of 233 industrial, logistics, business space, life sciences, and data centre properties across Singapore, Australia, the United States, UK/Europe, and Japan.
• Logistics property leasing Leasing of modern logistics warehouses, distribution centres, and last-mile logistics facilities to e-commerce companies, 3PLs, and manufacturers across Singapore, Australia, the United States, UK/Europe, and Spain/Japan.
• Business space and life sciences leasing Leasing of business park offices, R&D centres, innovation campuses, and life sciences facilities to technology firms, biomedical and pharmaceutical R&D companies, and government research agencies.
• Data centre leasing Leasing of hyperscale and Tier III data centre facilities to cloud providers, co-location tenants, and digital infrastructure operators across the UK, United States, and Asia-Pacific, including a new Japan platform via a 49% interest in a Greater Osaka hyperscale data centre.

Quantifiable outcome

• DPU of S$0.15005 for FY2025, with distributable income of S$678.3 million (+1.4% YoY)
• +4 more outcomes

Named customers9 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

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Mitsui & Co. Realty Management Ltd.coreStrategic or Co-development Partner · 24 March 2026CLAR entered Japan by acquiring a 49% interest in a Tier III hyperscale data centre in Greater Osaka, with Mitsui & Co. Realty Management Ltd. holding the remaining 51% stake. The transaction represents CLAR's maiden data centre investment in Japan and was completed in May 2026.
• Greenberg Traurig (Legal Advisor to Seller)minorImplementation/ SI/ Consulting Partner · 24 March 2026Greenberg Traurig advised the seller (a joint venture between a US institutional manager's fund and a Japanese trading company's fund) on the hyperscale data centre transaction in Keihanna, Kyoto Prefecture, Japan, which resulted in CLAR acquiring a 49% interest.
• DHL (RES Canal Winchester I)coreStrategic or Co-development Partner · 16 January 2026CLAR acquired a 755,160 sq ft logistics property in Columbus, Ohio from DHL's subsidiary RES Canal Winchester I via a sale and leaseback arrangement. The property is leased back to DHL under a long-term lease until December 2030 with 3.5% annual rental escalations, strengthening CLAR's income resilience.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Prologis, Inc. Global market-leading industrial REIT focused on logistics real estate across the Americas, Europe and Asia. Broad incumbent for CLAR's logistics segment; serves as the global benchmark for first-year NPI yields, cap rates, and asset recycling pace in industrial REITs.
• Goodman Group: Australia-listed global industrial real estate group operating logistics and business space assets in major developed markets. Comparable to CLAR for its diversified industrial/business-space model and trans-Pacific geographic footprint (Australia, US, Europe, Asia).

Direct peers

• ESR-REIT (Sabana Industrial REIT merger entity): Singapore-listed industrial REIT holding business space, industrial and logistics properties, with significant co-investment activity involving JD Property / Partners Group on Singapore logistics. Closely comparable to CLAR in tenant mix (light industrial, logistics, hi-spec industrial) and Singapore listing venue.
• Mapletree Logistics Trust: Singapore-listed Asia-focused logistics REIT formerly sponsored by Mapletree. Highly comparable to CLAR for its logistics segment (now ~26% of CLAR's portfolio), with overlapping geographies including Singapore, Australia, Japan and mainland China/Hong Kong.
• Mapletree Industrial Trust: Singapore-listed industrial REIT managed by Mapletree Investments, focused on industrial, data centre and business park properties across Asia. Direct comparable to CLAR by asset type, Singapore listing, and tenant base, although it has now been merged into Mapletree Pan Asia Commercial Trust, which remains the most direct publicly traded peer.
• Keppel DC REIT: Singapore-listed pure-play data centre REIT with assets across Asia-Pacific and Europe. Direct comparable to CLAR specifically for the data centre segment, providing a benchmark for hyperscale DC valuations, yields, and tenant quality within the Singapore REIT ecosystem.
• Frasers Logistics & Commercial Trust: Singapore-listed REIT with logistics, commercial and industrial assets across Australia, UK/Europe, Germany and Singapore. Operates in many of the same geographies as CLAR with a similar industrial/logistics tilt, making it a useful regional benchmark for portfolio strategy and DPU trajectory.

Emerging players

• CRE Logistics REIT: Japan-listed pure logistics REIT with a focused portfolio of modern distribution centres across Japan. Comparable to CLAR's Japanese logistics adjacency and emerging Pacific cross-border logistics strategies, providing a country-specific yield benchmark.
• Daiwa House REIT: Japan-listed diversified REIT with material exposure to logistics and industrial properties, sponsored by Daiwa House Group. Relevant emerging-market peer given CLAR's new Japan data centre entry, offering a local benchmark for asset pricing, JPY leverage, and tenant mix.

Regional players

• GLP J-REIT: Japan-listed modern logistics REIT sponsored by GLP. Regional peer reflecting Japanese modern logistics pricing dynamics relevant to CLAR's Asia-Pacific logistics footprint and its broader benchmark on rental reversion and tenant credit quality.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capitaland-limited
• Instagraminstagram.com/capitaland
• Xx.com/CapitaLand

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 CapitaLand Ascendas REIT