CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust announced on Nov, 5 2025 the establishment of a 1.5 billion Singapore dollars multicurrency debt issuance programme.

Under the programme, the two issuers—DBS Trustee Limited (as trustee of CDL Hospitality REIT) and M&C Business Trust Management Limited (as trustee-manager of CDL Hospitality Business Trust)—may from time to time issue notes and perpetual securities in Singapore dollars or other currencies. DBS Bank Ltd. has been appointed sole arranger and dealer.

The securities can be structured with fixed, floating, variable or hybrid interest rates, or issued without interest. Perpetual securities may feature fixed or floating distributions and can include optional distribution deferral. Senior issues will rank pari passu with other unsecured obligations, while subordinated perpetual securities will rank pari passu with other parity obligations.

Net proceeds will be used to refinance existing borrowings, fund or refinance investments, provide on-lending to related entities, support asset enhancement projects, meet general working-capital needs, or for other purposes specified in individual pricing supplements.

The Singapore Exchange Securities Trading Limited has granted approval in-principle for the programme, and the issuers intend to seek listing and quotation of any securities issued under it on the SGX-ST. The securities will be offered outside the United States under Regulation S and in Singapore to institutional and accredited investors under Sections 274 and 275 of the Securities and Futures Act.