First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia. First REIT is managed by First REIT Management Limited (the “Manager”), which is headquartered in Singapore. The Manager is 60% directly held by OUE Limited (“OUE”), and 40% directly held by OUE Healthcare Limited (“OUEH”), who together are its Sponsors and hold a combined stake in First REIT of 44.7% as at 31 December 2023.

The Trust has a portfolio of 32 properties across Asia, with a total asset value of S$1.14 billion as at 31 December 2023. These include 15 properties in Indonesia comprising 11 hospitals, two integrated hospitals & malls, one integrated hospital & hotel, and one hotel & country club; three nursing homes in Singapore; and 14 nursing homes in Japan. The Trust’s healthcare properties in Indonesia are operated by PT Siloam International Hospitals Tbk (“Siloam”) while healthcare properties in Singapore and Japan are operated by well-established third-party operators.

In line with its vision to become Asia’s premier healthcare trust, First REIT unveiled its ‘2.0 Growth Strategy’ of four well-defined strategic pillars to drive sustainable long-term growth. The four pillars are: firstly, diversify into developed markets; secondly, reshape portfolio for capital efficient growth; thirdly, strengthen capital structure to remain resilient; and fourthly, continue to pivot to ride megatrends.

The Trust has a right-of-first-refusal (“ROFR”) from OUEH and opportunities to tap on its growing healthcare network across Pan-Asia. In addition, First REIT also has a ROFR to a pipeline of hospitals from PT Lippo Karawaci Tbk (“Lippo Karawaci”), a majority shareholder of Siloam.

Country Asset Operator
  • Siloam Hospitals Baubau & Lippo Plaza Baubau
  • Siloam Hospitals Kupang & Lippo Plaza Kupang
Siloam Hospitals Group & PT Lippo Malls Indonesia
  • Siloam Hospitals Manado & Hotel Aryaduta Manado
Siloam Hospitals Group & The Aryaduta Hotel & Resort Group
  • Siloam Hospitals Yogyakarta
  • Siloam Hospitals Labuan Bajo
  • Siloam Sriwijaya
  • Siloam Hospitals Purwakarta
  • Siloam Hospitals Bali
  • Siloam Hospitals TB Simatupang
  • Siloam Hospitals Makassar
  • Mochtar Riady Comprehensive Cancer Centre
  • Siloam Hospitals Lippo Cikarang
  • Siloam Hospitals Lippo Village
  • Siloam Hospitals Kebon Jeruk
Siloam Hospitals Group
  • Imperial Aryaduta Hotel & Country Club
The Aryaduta Hotel & Resort Group
  • Hikari Heights Varus Ishiyama
  • Hikari Heights Varus Tsukisamu-Koen
  • Hikari Heights Varus Fujino
  • Hikari Heights Varus Kotoni
  • Hikari Heights Varus Makomanai-Koen
  • Varus Cuore Yamanote
  • Varus Cuore Sapporo-Kita & Annex
Hikari Heights Varus Co., Ltd
  • Elysion Gakuenmae
  • Elysion Mamigaoka & Elysion Mamigaoka Annex
Safety Life Co., Ltd
  • Orchard Amanohashidate
  • Orchard Kaichi North
  • Orchard Kaichi West
Orchard Care Co., Ltd
  • Loyal Residence Ayase
Social Welfare Research Institute Co, Ltd.
  • Bon Séjour Komaki
Benesse Style Care Co.,Ltd.
  • Pacific Healthcare Nursing Home @ Bukit Merah
Pacific Healthcare Nursing Home Pte. Ltd.
  • Pacific Healthcare Nursing Home II @ Bukit Panjang
Pacific Eldercare and Nursing Pte. Ltd.
  • The Lentor Residence
The Lentor Residence Pte. Ltd.

Key data (as at 31 December 2023)

Assets-Under-Management S$1,139.5 million
Total GFA 448,744 sqm
Nearest date of rental renewals December 2024
Maximum No. of Beds and Rooms 6,522
Occupancy 100%
Weighted Average Lease Expiry (WALE) 11.5 years