( YTD: +25.64% | 5D: +6.52%)

16 Dec - Proposed Acquisition Of Manager

ESR Trust Management (Suntec) Limited (the “Manager”), as manager of Suntec Real Estate Investment Trust (“Suntec REIT”), refers to the disclosure of interest notification from Acrophyte Asset Management Pte. Ltd. (“Acrophyte”), an entity controlled by Mr. Gordon Tang, in respect of its acquisition of interest in the Manager pursuant to its entry into a conditional sale and purchase agreement with subsidiaries of ESR Group Limited (“ESR”) to acquire ESR’s 100% indirect interest in the Manager.

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( YTD: -20.22% | 5D: -5.33%)

16 Dec - Extraordinary General Meeting: MUST's Growth And Value Up Plan Presentation Slides

Summary of the Growth and Value Up Plan

• Broadened investment mandate(1) to principally invest, directly or indirectly, in income-producing real estate in the U.S. and Canada as well as real estate-related assets
• Initial focus on industrial assets (including new economy assets(3)), living sector assets(4) as well as retail assets in the U.S. and Canada (Initial Focus Assets)
• Revitalise portfolio through the sale of up to three office assets with proceeds to be used to acquire new assets that are part of the Initial Focus Assets, repay debt, and fund capital expenditures, tenant incentives and leasing costs
• Objective is to lower MUST’s aggregate leverage(6) and provide a future runway for growth

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16 Dec - Results Of Extraordinary General Meeting Held On 16 December 2025

Voting Results: Pass

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( YTD: -0.74% | 5D: +0.75%)

15 Dec - Appointment Of Chief Financial Officer

The appointment of Ms Jia Yali (Ella) as Chief Financial Officer (“CFO”) of the Manager with effect from 1 January 2026.

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( YTD: +21.24% | 5D: +0.43%)

16 Dec - Joint Submission Of Bid For Site At Hougang Central

The consortium which includes CICT has submitted the highest bid of approximately $1.5 billion ($1,179 per square foot per plot ratio) for the tender of a mixed-use commercial and residential site at Hougang Central (the “Joint Development”), which closed today.

The site is a 99-year leasehold residential and commercial plot that spans a total site area of 504,820 square feet.

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( YTD: +0.46% | 5D: -2.67%)

16 Dec - Acquisition of remaining interests in the data centres known as SGP 3 and SGP 4

Keppel Ltd.’s Connectivity Division (Keppel) has agreed to sell to Keppel DC REIT the remaining 10% interest in Keppel DC Singapore 3 (KDC SGP 3) and 1% interest in Keppel DC Singapore 4 (KDC SGP 4) for a total cash consideration of $50.5 million. Following the completion of the transactions, which are expected to take place by 1Q 2026, Keppel DC REIT will hold 100% interests in the two data centres.

These transactions are part of Keppel’s asset monetisation programme and will bring Keppel’s announced monetisation in the year to date to over $2.4 billion. Mr Lee Kok Chew, Keppel’s Head of the Accelerating Monetisation Task Force, said, “Monetising our remaining interests in KDC SGP 3 and 4 reflects Keppel’s disciplined approach to capital recycling. This allows us to unlock value and redeploy capital to other opportunities across our integrated ecosystem, while enabling Keppel DC REIT to strengthen its long-term position in these quality data centre assets.”

For Keppel DC REIT, the acquisitions are expected to be immediately DPU accretive and will enhance total return to Unitholders. On a pro forma basis, DPU for FY2024 would increase by 0.8% from 9.451 cents to 9.525 cents.

The acquisitions will be funded by part of the proceeds from Keppel DC REIT’s recent preferential offering and issuance of Units for the acquisition fee to Keppel DC REIT Management Pte. Ltd., the Manager of Keppel DC REIT. Post acquisitions, Keppel DC REIT’s aggregate leverage is expected to improve from 29.8% to 29.5%1, with healthy debt headroom of approximately $944 million.

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Are S-REIT Manager's Fees Paying Off? Measuring Value Creation with the Management Efficiency Index (MEI)

As investors of S-REITs, possibly the singular focus should remain on Distribution Per Unit (DPU) growth, not the headline increase in total distribution figures reported by the reits. The reason is simple: when S-REITs utilise equity fundraising to expand their portfolio, the issuance of new units may inflate the total cash distributed by the REITs, but it simultaneously dilutes the DPU, potentially leaving the individual investor no better off.

This focus on sustainable DPU requires nuance. A decline in DPU is not a concern when it results from non-value events like a stock split or a bonus units issuance, as the investor’s overall entitlement (total cash received) remains unchanged. Conversely, a DPU increase engineered through a reverse unit split provides no genuine growth and should not be celebrated as fundamental improvement.

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