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Bond Market News
Keppel REIT Acquires Stake in Marina Bay Financial Tower 3
December 12, 2025
Keppel REIT is acquiring a one-third stake in Marina Bay Financial Centre (MBFC) Tower 3 for S$937.5mn ($726mn) from Sageland Private, a subsidiary of Hongkong Land Holdings. The deal is expected to be distribution per unit (DPU) dilutive and will be funded through a S$886.3mn ($686mn) preferential offering to unitholders. The purchase is based on an agreed property value of S$1.45bn ($1.1bn), slightly below the independent valuation and will raise Keppel REIT’s ownership of the asset to two-thirds, with part of the consideration reflecting a debt rollover. The transaction comes as Keppel REIT’s right of first refusal over Hongkong Land’s stakes in MBFC Towers 1 and 2 and One Raffles Quay lapses. MBFC Tower 3 remains a high-quality asset with 99.5% occupancy and a 3.5-year WALE, and Keppel REIT views the acquisition as an opportunity to strengthen its exposure to Singapore’s prime office market. The REIT’s sponsor group has committed to fully subscribe to their entitlements under the offering.
Keppel REIT’s SGD 3.78% Perp traded a tad lower 101.4 yielding 3.4%
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