First REIT

OUELH has significant presence in Southeast Asia's largest economy through its stakes in First REIT and its manager.

First Real Estate Investment Trust (First REIT) is Singapore's first healthcare real estate investment trust listed on the Main Board of the SGX-ST in 2006. It was established with the principal investment strategy of investing in a diversified portfolio of income-producing real estate and/or real estate-related assets in Asia that are primarily used for healthcare and/or healthcare-related purposes.

OUELH and OUE Limited hold a 40.0%1 and 60.0%1 stake, in First REIT Management Limited (formerly known as Bowsprit Capital Corporation Limited) respectively, the manager of First REIT. OUELH also holds approximately 15%2 of First REIT units.

First REIT currently has a diversified portfolio of 20 high quality healthcare properties with stable cash flows and long lease terms in Indonesia, Singapore and South Korea. They include 15 hospitals in Indonesia that are strategically located within large catchment areas of potential patients, with each having a "Centre of Excellence" in their respective specialisations. These Indonesian hospitals are operated by PT Siloam International Hospitals Tbk, a subsidiary of PT Lippo Karawaci Tbk, a strong brand name in the Indonesian healthcare industry supported by a team of international healthcare professionals. Other assets in Indonesia include the Imperial Aryaduta Hotel & Country Club and Hotel Aryaduta Manado, operated by The Aryaduta Hotel & Resort Group, as well as Lippo Plaza Kupang and Lippo Plaza Buton, managed by PT Lippo Malls Indonesia.

First REIT's other properties include well-run nursing homes in Singapore staffed by well-qualified, dedicated and experienced healthcare professionals, and Sarang Hospital which provides rehabilitative and nursing healthcare services in Yeosu City, South Korea.

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  1. As at 31 December 2020.
  2. Calculated based on the total issued units of First REIT as at 24 February 2021.