[SINGAPORE] Acquisition activity among Singapore Reits (S-Reits) has picked up this year, signalling a measured return to growth as financing conditions stabilise.

In the first four months of the year, S-Reits announced 11 acquisition transactions with a total value exceeding S$6.3 billion, already accounting for more than 70 per cent of the total acquisition value recorded in the whole of 2025.

By comparison, only six acquisitions were announced in the first four months of last year; for the full-year 2025, there were 21 transactions amounting to roughly S$8.8 billion.

The faster pace this year reflects improving access to capital and greater investor confidence, particularly for acquisitions that enhance portfolio quality and offer clearer earnings visibility.

Much of the acquisition momentum has been driven by larger Reits. Two of the biggest transactions announced this year came from CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Ascendas Reit (Clar).

CICT entered into a sales-and-purchase agreement to acquire Paragon, a freehold integrated development along Orchard Road, for S$3.9 billion. It was one of the largest S-Reit acquisitions in recent years, and will be funded through a private placement alongside the planned sale of Asia Square Tower 2 for S$2.5 billion.

Clar has been active across geographies and sub-sectors. In March, it announced the acquisition of interests in two logistics and business space assets in Singapore, and a Tier III hyperscale data centre in Greater Osaka, Japan, for S$1.4 billion.

Earlier in the year, Clar completed logistics acquisitions in Spain and the US, reinforcing its focus on industrial assets supported by resilient demand fundamentals.

Logistics assets have dominated acquisition activity so far, accounting for six of the 11 transactions announced in the year to d...