Keppel REIT - Maybank Research 2025-12-12: Taking A Breather, Downgrade To HOLD

• Keppel REIT announced the acquisition of an additional one-third stake in MBFC Tower 3, a premium Grade A CBD office for S$937.5m.

Deepening SG CBD footprint, but with initial dilution.

• - Read this at SGinvestors.io -

Increasing its stake in MBFC.

• MBFC Tower 3 is a premium Grade A office tower anchored by a strong tenant base. Keppel REIT already owns a one-third stake in MBFC Towers 1, 2 and 3, and upon completion of the acquisition, its Singapore portfolio weighting will increase to 79% from 75.8%. Committed occupancy stands at 99.5% with a WALE of 3.5 years. The underlying land has a remaining lease of 80.2 years. Passing rent is ~10% below the precinct’s average rent (JLL).
• - Read this at SGinvestors.io -

Initial dilution, but potential upside.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-02-05 Keppel REIT - Stable FY25, But Enlarged Unit Base Dilutes Distribution.

Price targets by 3 other brokers at Keppel REIT Target Prices.

Listing of research reports at Keppel REIT Analyst Reports.

Relevant links:
Keppel REIT Share Price History,
Keppel REIT Announcements,
Keppel REIT Dividend Payout Dates & Corporate Actions,
Keppel REIT News