Keppel REIT’s manager, Keppel REIT Management Limited, on Oct, 8 2025 announced the launch of a private placement of 112.5 million new units to institutional, accredited and other investors at an issue price ranging between 0.983 and 1.004 Singapore dollars per unit. The offer is expected to raise minimum gross proceeds of approximately 113.0 million Singapore dollars and is fully underwritten by DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited.

The price range represents a discount of about 2.56% to 4.60% to the 7 Oct, 7 2025 volume-weighted average price of 1.0304 Singapore dollars per unit, and a 1.01% to 3.08% discount to the adjusted VWAP of 1.0143 Singapore dollars per unit.

Roughly 97% of the proceeds, or 109.6 million Singapore dollars, will be used to partly fund Keppel REIT’s acquisition of a 75% stake in Top Ryde City Shopping Centre in Sydney, Australia, while about 3.4 million Singapore dollars will cover placement-related fees and expenses. Any remaining funds may be applied towards general corporate or working-capital purposes.

The new units, issued under Keppel REIT’s general mandate without requiring additional unitholder approval, will increase the existing unit base by around 2.89%. They will rank pari passu with existing units except that they will not be entitled to an advanced distribution estimated at 1.60–1.63 Singapore cents per existing unit for the period from Jul, 1 2025 to Oct, 16 2025.

Keppel REIT’s manager will seek Singapore Exchange (SGX-ST) approval for the listing and quotation of the new units and will announce the final issue price after the book-building process concludes.