Largest S-REITs Fundraising in 2025
| Name | Sub-Sector | Type | Funds Raised (million) |
| NTT DC REIT | Specialised | IPO | US$824 |
| Centurion Accommodation REIT | Residential | IPO | S$816 |
| CapitaLand Integrated Commercial Trust | Diversified | Private Placement | S$600 |
| CapitaLand Ascendas REIT | Industrial | Private Placement | S$500 |
| Frasers Centrepoint Trust | Retail | Private Placement and Preferential offering | S$421 |
Source: Company Announcements
Real Estate Investment Trusts in Singapore (S-REITs) are seeing strong equity fundraising (EFR) activity in 2025, with the total amount from primary and secondary fund raising reaching their highest levels since 2021.
Around S$4 billion of EFR has been announced by at least 10 S-REITs in the year-to-date, exceeding the S$2.9 billion raised in 2024 and S$1.9 billion in 2023.
Close to half of the fundraising from S-REITs this year came from the primary markets, with the initial public offerings (IPOs) of NTT DC REIT and Centurion Accommodation REIT (CAREIT), which raised US$824.1 million and S$816.1 million respectively.
Both IPOs have seen healthy interest from investors, with NTT DC REIT’s offering of 599.9 million units being 4.6 times subscribed, while CAREIT’s offering of 262.2 million units was 16.6 times subscribed.
Over in the secondary market, S-REITs have also been active in their EFR activities, sustaining the momentum seen in 2024, where there was S$2.9 billion in funds raised from placements and preferential offerings.
As of 10 October, at least eight S-REITS have announced more than S$2.1 billion in private placements and preferential offerings for the year-to-date, with the proceeds mainly used to fund acquisitions as well as partially reduce debt.
The larger REITs in the Straits Times Index (STI) have led in terms of the secondary fundraising for the year-to-date.
In August, CapitaLand Integrated Commercial Trust raised S$600 million, with part of the proceeds used to acquire the remaining interest in CapitaSpring. The placement was upsized from the original S$500 million, and the offering including the upsize offering was 4.9 times covered.
Elsewhere, CapitaLand Ascendas REIT also raised S$500 million in a private placement in May to partially finance the acquisition of two assets – including a Singapore data centre – and pare down debt. The private placement was approximately 4.1 times subscribed with strong participation from a quality mix of new and existing unitholders, long only funds, real estate specialists, private wealth and multi strategy investors.
Frasers Centrepoint Trust also raised over S$420m earlier this year with a preferential offering and private placement to repay debt and acquire the remainder of Northpoint City. The private placement was upsized from S$200 million to S$220 million, and the enlarged issuance was around 4 times covered.
More recently, Keppel DC REIT also announced the launch of a preferential offering in September to raise gross proceeds of around S$404.5 million, with the bulk of proceeds to be used for partially financing an asset acquisition, as well as to repay debt. The new units from the offering are expected to be listed on the SGX on Oct 22.
Keppel DC REIT is the largest Data Centre REIT in Asia, while CICT has also become the largest REIT in Asia.
Other S-REITs that have also carried out EFR exercises in 2025 so far include Keppel REIT, Prime US REIT and Elite UK REIT.
The increased fundraising and deal activity from S-REITs coincides with strong growth in total real estate investment sales in Singapore amid a declining interest rate environment.
Knight Frank Singapore Research noted that total real estate investment sales in Q3 2025 has risen to S$10.5 billion, a 23.8 per cent increase from S$8.5 billion in the year-ago period, with CICT’s acquisition of CapitaSpring the largest transaction during the quarter.
The research team expects investment sales activity for the rest of 2025 and early 2026 to continue to be characterised by Government Land Sales tenders of residential sites and REIT activity, with smaller to mid-tier investments of less than S$200 million, especially in accommodation and industrial properties, to continue to feature in the market.
—
Originally Posted on October 13, 2025 – REIT Watch – S-REITs fundraising continues uptrend in 2025, reaching S$4 billion for YTD
For more research and information on Singapore’s REIT sector, visit sgx.com/research-education/sectors for the SREITs & Property Trusts Chartbook.
REIT Watch is a regular column on The Business Times, read the original version.
Enjoying this read?
- Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.
- Stay up-to-date with our SGX Invest Telegram channel.
Disclosure: Interactive Brokers Third Party
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Singapore Exchange and is being posted with its permission. The views expressed in this material are solely those of the author and/or Singapore Exchange and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Alternative Investments
Alternative investments can be highly illiquid, are speculative and may not be suitable for all investors. Investing in Alternative investments is only intended for experienced and sophisticated investors who have a high risk tolerance. Investors should carefully review and consider potential risks before investing. Significant risks may include but are not limited to the loss of all or a portion of an investment due to leverage; lack of liquidity; volatility of returns; restrictions on transferring of interests in a fund; lower diversification; complex tax structures; reduced regulation and higher fees.
Join The Conversation
If you have a general question, it may already be covered in our FAQs page. go to: IBKR Ireland FAQs or IBKR U.K. FAQs. If you have an account-specific question or concern, please reach out to Client Services: IBKR Ireland or IBKR U.K..
Visit IBKR U.K. Open an IBKR U.K. Account