Keppel Ltd. · SGX:BN4
Keppel — Keppel REIT — Merger or Acquisition (October 2025)
22 slides from Keppel's merger presentation, Oct 8, 2025
Slide 1: Acquisition of 75% interest in Top Ryde City Shopping Centre, Sydney
Acquisition of 75% interest in Top Ryde City Shopping Centre, Sydney 8 October 2025
Slide 2: Content
Content 1. Overview – Pg 3 3. Key Investment Merits – Pg 9 2. Property Details – Pg 5 Capitalised terms used herein, unless otherwise defined, shall have the meaning ascribed to them in the announcement of Keppel REIT dated 8 October 2025 titled "Acquisition of 75% interest in a Shopping Centre loca
Slide 3: Keppel REIT's Strategic Expansion into Retail Sector
Keppel REIT’s Strategic Expansion into Retail Sector • Keppel REIT’s strategic acquisition of its first pure-play retail asset, Top Ryde City Shopping Centre in Sydney • Enhance portfolio stability and resilience Retail assets continue to offer attractive yields and this Acquisition will complement
Slide 4: Top Ryde City Shopping Centre, a High-Quality Freehold Mall
Top Ryde City Shopping Centre, a High-Quality Freehold Mall Acquisition of A$393.8m 6.7% 75% A$6,813 psm Gross Purchase Price (75% interest) Fully Leased Initial Property Yield interest in Top Ryde City Shopping Centre, a well-established regional shopping centre, strategically focused on non-discre
Slide 5: Property Details
02 Property TOP RYDE CITY SHOPPING CENTRE, SYDNEY Details 5
Slide 6: Key Property Details
Key Property Details Top Ryde City Shopping Centre Description Top Ryde City Shopping Centre is a high-quality shopping centre that is anchored by strong non-discretionary tenants such as ALDI, Big W, Coles, Kmart and Woolworths. As part of a mixed-use development including residential units, Top Ry
Slide 7: Location
Location Towards Sydney CBD Enjoys outstanding visibility due to its location along Devlin Street, which is part of the A3 arterial route connecting the 14km northern and southern parts of Sydney with up to 98,5001 vehicles daily A3 arterial route 12km Towards Parramatta CBD © Keppel REIT (1) Source
Slide 8: Top Ryde City's central location and excellent road connectivity
Top Ryde City Shopping Centre’s central location and excellent road connectivity position it as an ideal hub for omnichannel supermarket delivery services. Its accessibility supports efficient distribution. 8
Slide 9: Key Investment Merits
03 Key Investment TOP RYDE CITY SHOPPING CENTRE, SYDNEY Merits 9
Slide 10: Key Investment Highlights
Key Investment Highlights Australia’s economy continues to benefit from strong fundamentals and sustained consumer demand • Australia’s real GDP is projected to grow steadily, supported by a strong rebound in household spending after the pandemic • Retail sales in Australia remained strong throughou
Slide 11: Australia's Strong Rebound in Household Spending Alongside Economic Growth
Australia’s Australia’s Strong Rebound in Household Economy Spending Alongside Economic Growth • Australia’s real GDP is projected to grow steadily from 2025 to 20301 • Australia maintained a low unemployment rate of around 4% for the past 2 years (September 2023 to August 2025)2 CAGR (2021-2024) Pr
Slide 12: Resilience in Australia's Retail Sector
Australia’s Resilience in Australia’s Retail Sector Economy Westpac-Melbourne Institute Consumer Sentiment Index Nominal Retail Sales in Australia COVID-19 Consumer sentiment in Australia remains 1.43 healthy, with lower inflation and interest 100 rate cuts being seen as clear positives1 95.4 Index
Slide 13: Healthy Population Growth to Drive Demand
Australia’s Healthy Population Growth to Drive Demand Economy • Regional shopping centres in Australia have the strongest occupancy rates, with their vacancy rate in 2024 at 2.1%, the lowest amongst Australia’s shopping centres1 Such divergence is forecasted to persist • While Australian population
Slide 14: Demographics of City of Ryde
Australia’s Demographics of City of Ryde Economy Top Ryde City Shopping Centre is located in New South Wales’ City of Ryde with strong population growth 16.2% 8.8% Population Growth Sydney - Ryde (2015 Rest - 2024) of New South Wales Sydney - Ryde Rest of New South Wales Source: Australian Bureau of
Slide 15: Defensive Mall Anchored by Non-Discretionary Spending
Non-Discretionary Defensive Mall Anchored by Non-Discretionary Spending Spending Non-discretionary tenants account for 77% of total gross rental income 6 supermarkets Other Non- representing >40% of total Discretionary, tenant sales revenue1 62% Supermarkets, 15% By Gross Rental Income Discretionary
Slide 16: Quality Asset with Strong Track Record
Asset Performance Quality Asset with Strong Track Record 1 3 5 Occupancy >95% Healthy Occupancy Well-staggered lease expiries since 2023 Cost Ratio2 for with long WALE specialty tenants 96.6% • WALE is 4.2 years3 by committed gross rent and 4.8 years3 by 95.6% 96.0% committed lettable area • In ever
Slide 17: DPU Accretion to Unitholders
DPU Accretive DPU Accretion to Unitholders • The Acquisition is expected to provide accretion of +1.34% to pro forma adjusted FY2024 DPU • The fully leased initial property yield is 6.7% • For 75% interest, the purchase consideration is A$393.8m / S$334.8m1 (A$6,813 psm) • Completion is expected to
Slide 18: Strategic Partnership with an Experienced Retail Asset Manager
Strategic Partnership with an Experienced Retail Asset Manager • Keppel REIT to acquire 75% effective interest in Top Ryde City Shopping Centre, with remaining 25% effective interest to be acquired by a wholly owned subsidiary of MA Financial Group (MA Financial) • Wholly owned subsidiaries of MA Fi
Slide 19: Funding Structure
Funding Structure • The Acquisition is expected to be funded through a combination of debt, perpetual securities and equity • 100% AUD-denominated debt, providing a natural hedge against currency fluctuations • Following the Acquisition, aggregate leverage is anticipated to remain at approximately s
Slide 20: Portfolio Composition Following the Acquisition
Portfolio Composition Following the Acquisition Following the Acquisition, retail exposure will increase to 4.2%, with the portfolio continuing to be anchored by Singapore Grade A office assets Retail, Retail, 0.9%2 4.2% Singapore, Singapore, 76.0% 78.6% Portfolio Portfolio Australia, Value Australi
Slide 21: Thank you
Thank you TOP RYDE CITY SHOPPING CENTRE, SYDNEY 21
Slide 22: Important Notice
Important Notice This presentation is for information purposes only and does not constitute or form part of an offer, invitation or solicitation of any offer to purchase or subscribe for any securities of Keppel REIT in Singapore or any other jurisdiction nor should it or any part of it form the bas