Keppel Reit K71U

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Company profile

The business, the people and the ownership behind Keppel Reit.

Investor relations ↗Official company website

Business overview

About the company

Keppel REIT invests in commercial real estate in Asia Pacific. Its portfolio includes commercial properties in Singapore, Australia, South Korea and Japan.

Annual Report 2025 ↗ Reviewed 2026-10-23 · Source dated 2026-03-25. PDF p. 4

Listed security

Company & listing

Full Company Name
KEPPEL REIT MANAGEMENT LIMITED
Trading Currency
SGD
Website
www.keppelreit.com
Listing
Listed on 28 April 2006 on SGX Mainboard
ISIN Code
SG1T22929874

Board & management

Leadership

Tan Swee Yiow

Chairman and Non-Executive Director

PDF p. 219

20 March 2017

Date of first appointment PDF p. 13

Ian Roderick Mackie

Lead Independent Director

PDF p. 219

5 December 2019

Date of first appointment PDF p. 13

Alan Rupert Nisbet

Independent Director

PDF p. 219

1 October 2017

Date of first appointment PDF p. 13

Christina Tan

Non-Executive Director

PDF p. 219

15 September 2016

Date of first appointment PDF p. 14

CHUA HSIEN YANG

Chief Executive Officer

PDF p. 15

1 January 2025

Appointment date PDF p. 15

Roles listed in Annual Report 2025; current appointments are not independently verified.

Holdings

Ownership

PDF p. 218

Twenty registered/depository holders total 4,033,812,785 units (81.43%) as at 27 February 2026; this aggregate is not another holder. Registered holdings do not identify ultimate beneficial owners. Direct/deemed substantial interests can overlap and should not be added together. The manager directors’ holdings register is dated 21 January 2026.

Substantial interest definitions (PDF p. 218): 1 Temasek Holdings (Private) Limited’s deemed interest arises from the deemed interest held by Keppel Ltd. and other subsidiaries and associated companies of Temasek Holdings (Private) Limited. 2 Keppel Ltd.’s deemed interest arises from its shareholdings in (i) Keppel Capital Investment Holdings Pte. Ltd. and Keppel REIT Management Limited, both of which are wholly-owned subsidiaries of Keppel Ltd. held through Keppel Capital Holdings Pte. Ltd. and (ii) Keppel REIT Investment Pte. Ltd., a wholly-owned subsidiary of Keppel Ltd. held through Keppel Real Estate (Singapore) Pte. Ltd. and Keppel Management Ltd. 3 Keppel Management Ltd.’s deemed interest arises from its indirect shareholdings in Keppel REIT Investment Pte. Ltd., a wholly-owned subsidiary of Keppel Real Estate (Singapore) Pte. Ltd. 4 Keppel Real Estate (Singapore) Pte. Ltd.’s deemed interest arises from its shareholdings in Keppel REIT Investment Pte. Ltd., a wholly-owned subsidiary of Keppel Real Estate (Singapore) Pte. Ltd. 5 Keppel Capital Holdings Pte. Ltd.’s deemed interest arises from its shareholdings in Keppel Capital Investment Holdings Pte. Ltd. and Keppel REIT Management Limited, both of which are wholly-owned subsidiaries of Keppel Capital Holdings Pte. Ltd.

The report states that Mr Nisbet and Mr Fong have deemed interests in units held by their respective spouses (PDF p. 218).

Temasek Holdings (Private) Limited

38.52%Total interest

1,908,707,034 (Deemed) Units
As reported at 27 February 2026

Keppel Ltd.

37.48%Total interest

1,857,370,556 (Direct and Deemed) Units
As reported at 27 February 2026

Keppel Management Ltd.

27.90%Total interest

1,382,235,181 (Deemed) Units
As reported at 27 February 2026

Keppel Real Estate (Singapore) Pte. Ltd.

27.90%Total interest

1,382,235,181 (Deemed) Units
As reported at 27 February 2026

Keppel REIT Investment Pte. Ltd.

27.90%Total interest

1,382,235,181 (Direct) Units
As reported at 27 February 2026

Keppel Capital Holdings Pte. Ltd.

9.59%Total interest

475,135,129 (Deemed) Units
As reported at 27 February 2026

Mr Tan Swee Yiow

2,520,255 (Direct)

As reported at 21 January 2026

Mr Ian Roderick Mackie

150,400 (Direct)

As reported at 21 January 2026

Mr Alan Rupert Nisbet

44,157 (Direct); 191,388 (Deemed)

As reported at 21 January 2026

Ms Christina Tan

312,968 (Direct)

As reported at 21 January 2026

Mr Mervyn Fong

155,457 (Direct); 3,947 (Deemed)

As reported at 21 January 2026

Ms Carol Anne Tan

49,446 (Direct)

As reported at 21 January 2026

Total interests include direct and deemed holdings and may overlap across holders. These percentages should not be added together.

Registered & depository holders 20 holders

Registered holdings, including nominees and depositories; these do not establish ultimate beneficial ownership. As reported at 27 February 2026 · PDF p. 217

Registered holderInterestShares / unitsSource
Keppel REIT Investment Pte. Ltd.1,382,235,181 Units; 27.90%PDF p. 21727 February 2026
Citibank Nominees Singapore Pte Ltd730,831,885 Units; 14.75%PDF p. 21727 February 2026
DBS Nominees (Private) Limited458,563,390 Units; 9.25%PDF p. 21727 February 2026
HSBC (Singapore) Nominees Pte Ltd328,683,438 Units; 6.63%PDF p. 21727 February 2026
Keppel REIT Management Limited282,111,392 Units; 5.69%PDF p. 21727 February 2026
DBSN Services Pte. Ltd.211,506,132 Units; 4.27%PDF p. 21727 February 2026
Keppel Capital Investment Holdings Pte. Ltd.193,023,737 Units; 3.90%PDF p. 21727 February 2026
Raffles Nominees (Pte.) Limited162,602,880 Units; 3.28%PDF p. 21727 February 2026
United Overseas Bank Nominees (Private) Limited53,507,239 Units; 1.08%PDF p. 21727 February 2026
Phillip Securities Pte Ltd39,744,448 Units; 0.80%PDF p. 21727 February 2026
ABN AMRO Clearing Bank N.V.30,143,933 Units; 0.61%PDF p. 21727 February 2026
OCBC Nominees Singapore Private Limited26,513,457 Units; 0.54%PDF p. 21727 February 2026
OCBC Securities Private Limited20,632,721 Units; 0.42%PDF p. 21727 February 2026
BPSS Nominees Singapore (Pte.) Ltd.19,248,521 Units; 0.39%PDF p. 21727 February 2026
iFAST Financial Pte. Ltd.18,582,705 Units; 0.38%PDF p. 21727 February 2026
UOB Kay Hian Private Limited17,337,246 Units; 0.35%PDF p. 21727 February 2026
Moomoo Financial Singapore Pte. Ltd.16,753,210 Units; 0.34%PDF p. 21727 February 2026
BNP Paribas Nominees Singapore Pte. Ltd.16,641,134 Units; 0.34%PDF p. 21727 February 2026
DB Nominees (Singapore) Pte Ltd12,850,136 Units; 0.26%PDF p. 21727 February 2026
Ong Kay Eng12,300,000 Units; 0.25%PDF p. 21727 February 2026

Group structure

Main operating subsidiaries

CompanyMarketOwnership interest
Keppel REIT MTN Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Provision of treasury services; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT Fin. Company Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Provision of treasury services; Effective interests: 100.0% / 100.0%
Ocean Properties LLP (“OPLLP”)Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Property investment; Effective interests: ~79.9% / ~79.9%
Keppel REIT (Korea) Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Singapore) Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Singapore) TrustHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Japan) Holdings Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Japan) Investments Pte. Ltd.Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Investment holding; Effective interests: 100.0% / 100.0%
Keppel Bay Tower LLPHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Singapore; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (S) LimitedHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Bermuda; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) TrustHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 2Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 3Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Investment holding; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 4Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 5Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 6Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 7Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 8Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / 100.0%
Keppel REIT (Australia) Sub-Trust 9Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 144 Australia; Property investment; Effective interests: 100.0% / –
Keppel No. 4 General Investors’ Private Real Estate Investment Limited Liability Company (“K4LLC”)Held by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 145 South Korea; Property investment; Effective interests: ~99.4% / ~99.4%
KR Shintomi GKHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 145 Japan; Investment holding; Effective interests: 97.0% / 97.0%
KR Ginza ML GKHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 145 Japan; Leasing and management of real estate; Effective interests: 100.0% / 100.0%
KR Ginza TMKHeld by the Trust or held through the Trust subsidiaries; effective interest for 2025 and 2024PDF p. 145 Japan; Property investment; Effective interests: ~98.5% / ~98.5%

Ownership interests and geographic information follow the annual report. Comparative years and footnote markers retain the report’s notation.

Senior executives

Key management

Key management

ItemValuePeriod / scopeSource
CHUA HSIEN YANG Chief Executive Officer Keppel REIT Management Limited (the Manager) PDF p. 15
SEBASTIAN SONG Chief Financial Officer Keppel REIT Management Limited (the Manager) PDF p. 15
TEO XUAN LIN Head of Investment Keppel REIT Management Limited (the Manager) PDF p. 16
JASON CHUA Director, Portfolio Management Keppel REIT Management Limited (the Manager) PDF p. 16

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Shareholding statistics

Share capital & shareholders

Share capital

ItemValuePeriod / scopeSource
ISSUED AND FULLY PAID UNITS 4,955,086,896 Units As at 27 February 2026 · As at 2026-02-27 PDF p. 217
Voting rights 1 vote per Unit As at 27 February 2026 · As at 2026-02-27 PDF p. 217
Class of Units There is only one class of Units in Keppel REIT. As at 27 February 2026 · As at 2026-02-27 PDF p. 217
Market capitalisation S$4,806,434,289 As at 27 February 2026 · As at 2026-02-27 PDF p. 217

Shareholding distribution

ItemValuePeriod / scopeSource
TOTAL 75,437 unitholders Total unitholders, as at 27 February 2026 · As at 2026-02-27 PDF p. 217
1 - 99 4,614 holders; 6.12%; 222,394 Units; 0.00% Size of Unitholdings band, as at 27 February 2026 · As at 2026-02-27 PDF p. 217
100 - 1,000 27,324 holders; 36.22%; 13,389,634 Units; 0.27% Size of Unitholdings band, as at 27 February 2026 · As at 2026-02-27 PDF p. 217
1,001 - 10,000 28,933 holders; 38.35%; 114,358,723 Units; 2.31% Size of Unitholdings band, as at 27 February 2026 · As at 2026-02-27 PDF p. 217
10,001 - 1,000,000 14,498 holders; 19.22%; 654,303,007 Units; 13.21% Size of Unitholdings band, as at 27 February 2026 · As at 2026-02-27 PDF p. 217
1,000,001 and above 68 holders; 0.09%; 4,172,813,138 Units; 84.21% Size of Unitholdings band, as at 27 February 2026 · As at 2026-02-27 PDF p. 217

Free float

ItemValuePeriod / scopeSource
PUBLIC UNITHOLDERS approximately 61.41% of the issued Units in Keppel REIT are held by the public As at 27 February 2026 · As at 2026-02-27 PDF p. 218
PUBLIC UNITHOLDERS at least 10% of the issued Units in Keppel REIT are at all times held by the public Rules 1207 and 723 of the SGX-ST Listing Manual · As at 2026-02-27 PDF p. 218

Treasury shares

ItemValuePeriod / scopeSource
TREASURY UNITS AND SUBSIDIARY HOLDINGS there are no treasury units or subsidiary holdings held by Keppel REIT or the Manager As at 27 February 2026 · As at 2026-02-27 PDF p. 218

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Related parties, people & properties

Other disclosures

Related party transactions

ItemValuePeriod / scopeSource
– Manager’s management fees 57,960 $’000 Keppel Ltd. and its subsidiaries or associates; aggregate value of all interested person transactions during FY2025 (excluding transactions less than $100,000); Unitholders’ mandate column: Nil PDF p. 214
– Acquisition fees 17,714 $’000 Keppel Ltd. and its subsidiaries or associates; FY2025 (excluding transactions less than $100,000); Unitholders’ mandate column: Nil PDF p. 214
– Property management and asset management fees and reimbursables 646 $’000 Keppel Ltd. and its subsidiaries or associates; FY2025 (excluding transactions less than $100,000); Unitholders’ mandate column: Nil PDF p. 214
– Purchase of services from a related company2 1,289 $’000 Keppel Ltd. and its subsidiaries or associates; FY2025; Unitholders’ mandate column: Nil PDF p. 214
– Service fees paid/payable to a related company2 243 $’000 Keppel Ltd. and its subsidiaries or associates; FY2025; Unitholders’ mandate column: Nil PDF p. 214
– Marketing fee income from a related company 208 $’000 Temasek Holdings (Private) Limited and its subsidiaries or associates; FY2025; Unitholders’ mandate column: Nil PDF p. 214
– Service fees paid/payable to a related company 350 $’000 Temasek Holdings (Private) Limited and its subsidiaries or associates; FY2025; Unitholders’ mandate column: Nil PDF p. 214
– Trustee fees 988 $’000 HSBC Institutional Trust Services (Singapore) Limited, Trustee of the REIT; FY2025; Unitholders’ mandate column: Nil PDF p. 214

Contingent liabilities

ItemValuePeriod / scopeSource
Guarantee $2,617,351,000 Trust corporate guarantees to banks for loans taken by subsidiaries, 2025 (2024: $1,407,884,000) · As at 2025-12-31 PDF p. 180
Guarantee $541,093,000 Trust corporate guarantees for medium term notes issued by a subsidiary, 2025 (2024: $547,978,000) · As at 2025-12-31 PDF p. 180
Capital commitments $2,447,000 Group, contracted but not recognised, 2025 (2024: nil) · As at 2025-12-31 PDF p. 180

Director remuneration

ItemValuePeriod / scopeSource
Mr Tan Swee Yiow2 150,000 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Mr Ian Roderick Mackie3 103,000 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Mr Alan Rupert Nisbet 102,500 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Ms Christina Tan4 75,000 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Mr Mervyn Fong 100,000 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Ms Carol Anne Tan5 86,068 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Mr Yoichiro Hamaoka6 17,000 S$ Directors’ Fees column, year ended 31 December 2025 PDF p. 192
Total Remuneration: $1,985,340 $1,985,340 CEO Mr Chua Hsien Yang, FY2025; mix 31% fixed, 28% variable, 19% PUP, 22% RUP PDF p. 192

Employees

ItemValuePeriod / scopeSource
had a total of 24 employees 24 employees Manager of Keppel REIT, as at 31 December 2025 · As at 2025-12-31 PDF p. 98

Properties

ItemValuePeriod / scopeSource
Ocean Financial Centre1 Leasehold 99 years 85.0 years 10 Collyer Commercial Group portfolio statement, 31 December 2025; Singapore · As at 2025-12-31 PDF p. 122
Keppel Bay Tower2 Leasehold 99 years 70.8 years 1 HarbourFront Commercial Group portfolio statement, 31 December 2025; Singapore · As at 2025-12-31 PDF p. 122
8 Exhibition Street3 Freehold NA NA Melbourne Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
Victoria Police Centre4 Freehold NA NA Melbourne Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
Pinnacle Office Park5 Freehold NA NA Sydney Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
2 Blue Street6 Freehold NA NA Sydney Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
255 George Street7 Freehold NA NA Sydney Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
Top Ryde City Shopping Centre8 Freehold NA NA Sydney Commercial Group portfolio statement, 31 December 2025; Australia · As at 2025-12-31 PDF p. 122
T Tower9 Freehold NA NA Seoul Commercial Group portfolio statement, 31 December 2025; South Korea · As at 2025-12-31 PDF p. 122
KR Ginza II10 Freehold NA NA Tokyo Commercial Group portfolio statement, 31 December 2025; Japan · As at 2025-12-31 PDF p. 122
One Raffles Quay11 Leasehold 99 years 74.5 years 1 Raffles Quay Commercial Held by associates and joint ventures, 31 December 2025 · As at 2025-12-31 PDF p. 122

Subsequent events

ItemValuePeriod / scopeSource
35. SUBSEQUENT EVENTS On 19 January 2026, the Manager announced the issuance of 923,189,327 new Units, pursuant to the Preferential Offering. Keppel REIT · As at 2026-01-19 PDF p. 180
35. SUBSEQUENT EVENTS On 20 January 2026, the gross proceeds received from the Preferential Offering amounting to $886,262,000 were used to repay the equity bridge loans Keppel REIT · As at 2026-01-20 PDF p. 180
35. SUBSEQUENT EVENTS On 4 February 2026, the Manager announced a distribution of 0.88 cents per Unit for the period from 17 October 2025 to 31 December 2025. Keppel REIT · As at 2026-02-04 PDF p. 180

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Source: Annual Report 2025 ↗

Corporate information

Registration & contacts

Incorporated In
SINGAPORE
Incorporated On
28 Nov 2005
Email
[email protected]
Telephone
65 68357477
Fax
65 68357747
Registered Office
1 HarbourFront Avenue
Level 2, Keppel Bay Tower
Singapore 098632
Secretary
Tan Wei Ming Darren
Gillian Loh
Registrar / Transfer Agent
BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
Registrar Address
1 Harbourfront Avenue, Keppel Bay Tower, #14-07, Singapore 098632
Auditors
PRICEWATERHOUSECOOPERS LLP
Other Stock Exchange Listings
*SINGAPORE EXCHANGE LTD.
Country
SINGAPORE
Security Type
reits