What Sasseur Reit does

Sasseur REIT is a Singapore-listed real estate investment trust (ticker: CRPU on SGX Mainboard, listed 28 March 2018) and the first outlet REIT listed in Asia. The trust holds four retail outlet properties across three Chinese cities — Chongqing Liangjiang (RMB 3.27 billion), Hefei (RMB 2.774 billion), Kunming (RMB 1.558 billion) and Chongqing Bishan (RMB 761 million) — for a combined portfolio valuation of RMB 8.363 billion (S$1.54 billion) and 310,241 sqm of net lettable area as of 31 December 2025. Portfolio occupancy stood at 98.9% with 13.85 million annual shopper visits as of 31 December 2024.

The REIT operates under an Entrusted Management Agreement (EMA) model, under which the Sponsor's operating entities (the Entrusted Manager) run the outlets on the REIT's behalf. Income is split into a fixed base rental component (RMB 474.8 million for FY2025) and a variable component (RMB 207.5 million) tied to outlet tenant sales performance, generating total FY2025 EMA rental income of RMB 682.3 million (S$124.2 million). Sasseur Asset Management Pte. Ltd. acts as the externally regulated REIT manager, with DBS Trustee Limited as trustee.

Distribution to unitholders is made semi-annually; FY2025 full-year DPU was 6.138 Singapore cents with an H2 2025 DPU of S$0.03083 (up 5.3% YoY), translating to a 9.0% distribution yield at year-end 2025 closing price. Unitholders comprise institutional and retail investors trading on SGX; the REIT pursues expansion primarily through a Sponsor-granted Right of First Refusal pipeline, with the next deal candidate being Sasseur (Xi'an) Outlets (ROFR granted January 2026). GTM is conducted through SGX distribution, quarterly analyst briefings, investor roadshows, AGMs and ESG/IR disclosures rather than direct sales.

Name

Sasseur Reit

Legal name

Sasseur Asset Management Pte. Ltd.

Website

https://sasseurreit.com

Company type

Public

Founded year

2018

Operating status

Ipo

Headcount range

11–50 employees

Short description

Sasseur REIT is the first outlet REIT listed in Asia — a Singapore Exchange–listed trust holding four retail outlet properties (RMB 8.36 billion) across Chongqing, Hefei and Kunming, operated under an Entrusted Management Agreement with Sponsor Sasseur Group, and serving institutional and retail income-seeking unitholders via semi-annual distributions.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (Outlet Mall 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)

Keywords

• Outlet mall REIT
• Retail property trust
• China retail real estate
• Real estate investment trust
• Singapore listed REIT

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. EMA Rental Income - Fixed Component: Stable base rental income from the Entrusted Management Agreement model. Fixed component provides predictable revenue regardless of outlet sales performance. For FY2025, fixed component was RMB 474.8 million (S$124.2 million total EMA rental).
2. EMA Rental Income - Variable Component: Variable rental income tied to outlet sales performance. Provides upside exposure to tenant sales. For FY2025, variable component was RMB 207.5 million.
3. Distribution to Unitholders: The REIT distributes income to unitholders semi-annually. H2 2025 DPU was S$0.03083, up 5.3% YoY. Total distributable income for H2 2025 was S$43.3 million, up 6.5% YoY.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels9 records

Core offering

Sasseur REIT is a real estate investment trust that owns and derives rental income from four retail outlet malls in China (Chongqing Liangjiang, Chongqing Bishan, Hefei, and Kunming). The trust operates through an Entrusted Management Agreement (EMA) model under which the Sponsor's operating entity manages the outlets on behalf of the REIT, generating a combination of fixed base rental income and variable income linked to outlet sales. Net rental income is distributed semi-annually to unitholders.

Product overview

Sasseur REIT is a single, unified REIT product structured as a real estate investment trust. The REIT operates as a closed-end fund listed on the Singapore Exchange, holding a portfolio of four retail outlet properties across China (Chongqing Liangjiang, Chongqing Bishan, Hefei, and Kunming) with a combined valuation of RMB 8.42 billion. The portfolio generates rental income through an Entrusted Management Agreement (EMA) Model, with the REIT manager (Sasseur Asset Management Pte. Ltd.) responsible for asset management and operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Sasseur REIT Real estate investment trust listed on the SGX Mainboard (ticker CRPU) since 28 March 2018, holding a portfolio of four retail outlet properties in China. For institutional and retail investors seeking income distributions and capital appreciation via exposure to China's outlet retail sector.
• Sasseur (Chongqing Liangjiang) Outlet Retail outlet property in Chongqing Liangjiang, China, part of Sasseur REIT's portfolio. Valued at RMB 3,270,000,000 as of 31 December 2025. Forms part of the underlying assets backing Sasseur REIT units.
• Sasseur (Chongqing Bishan) Outlet

Quantifiable outcome

• 9.0% distribution yield for FY2025
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Sasseur Group (Sponsor)coreStrategic or Co-development Partner · 27 January 2026Sasseur Group as the Sponsor has granted Sasseur REIT a Right of First Refusal (ROFR) to acquire the property known as Sasseur (Xi'an) Outlets. This provides the REIT with a potential acquisition pipeline of outlet properties from the Sponsor's portfolio.
• Colliers International (Hong Kong) LimitedcoreOthers · 31 December 2025Colliers International (Hong Kong) Limited serves as the independent property valuer for Sasseur REIT's portfolio. They conduct annual valuations of all four properties: Sasseur (Chongqing Liangjiang) Outlet at RMB 3,270,000,000, Sasseur (Chongqing Bishan) Outlet at RMB 761,000,000, Sasseur (Hefei) Outlet at RMB 2,774,000,000, and Sasseur (Kunming) Outlet at RMB 1,558,000,000 as at 31 December 2025.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Mapletree Pan Asia Commercial Trust: Singapore-listed REIT with diversified Asia retail and office properties, including China assets. Comparable SGX-listed REIT structure with China exposure, but on a far larger and more diversified scale.
• Frasers Centrepoint Trust: Singapore-listed retail REIT anchored by suburban malls in Singapore. Comparable as a SGX retail REIT but Sasseur's China-outlet niche differs from FCOT's Singaporean-suburban focus.
• Starhill Global REIT: Singapore-listed REIT with retail and office properties across Asia (including China, Australia, Japan). Comparable Asia-retail REIT exposure but broader diversification than Sasseur's four-asset China-outlet focus.

Direct peers

• CapitaLand Retail China Trust: Singapore-listed REIT focused on China retail malls. Closest like-for-like peer in terms of listing venue, China retail exposure, and REIT structure, although the assets are traditional shopping malls rather than outlet malls.
• Fortune REIT: Hong Kong-listed REIT with a portfolio of retail malls across Hong Kong. Comparable as an Asia-listed retail-focused REIT serving income-oriented investors, although asset geography differs from mainland China.
• Sunlight REIT: Hong Kong-listed REIT focused on retail and office properties. Compares as a retail-tilted, income-distributing REIT with similar Asia investment-grade positioning.
• Champion REIT: Hong Kong-listed REIT holding retail and office properties in Hong Kong. Comparable Asia-listed income REIT with retail exposure and similar investor base of yield-seeking Asia-Pacific capital.
• BHG Retail REIT: Singapore-listed REIT investing in Chinese retail properties, particularly mid-market retail space. Overlaps with Sasseur REIT in cross-border retail-in-China exposure and SGX listing venue.
• Hui Xian REIT: Hong Kong-listed REIT with significant mainland Chinese commercial real estate exposure. Compares on the China-property-theme axis and Asia-listed REIT structure even though its core assets are office-led.

Emerging players

• Value Retail: Owner-operator of luxury outlet villages across Europe and China (e.g., Suzhou Village, Shanghai Village). Directly comparable as an outlet-retail operator active in China, even though it is private and operator-led rather than a Singapore-listed REIT.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCFQX-Rcf8ZpBagpI9rUSQyQ
• Facebookfacebook.com/SasseurREIT
• LinkedInlinkedin.com/company/sasseurreit
• Xx.com/SasseurREIT

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

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 Sasseur Reit