Industrial S-REITs

Industrial and logistics REITs own warehouses, business parks, light-industrial estates and, increasingly, data-centre-adjacent assets. They typically offer some of the more resilient income on the board, underpinned by structural demand from e-commerce, supply-chain reconfiguration and onshoring.

7 trusts S$28.6B combined cap 7.4% median yield 0.96x median P/NAV

Industrial screen

REITPrice YieldP/NAV Mkt cap
ESR-REIT
SGX:9A4U · ESR Group
S$2.3909.21% 0.94S$1.92B
Daiwa House Logistics Trust
SGX:DHLU · Daiwa House
S$0.4958.75% 0.76S$344M
Alpha Integrated REIT
SGX:M1GU · Internalised (ex-Sabana)
S$0.4907.55% 0.93S$551M
CapitaLand Ascendas REIT
SGX:A17U · CapitaLand
S$2.5407.41% 1.13S$12.68B
Mapletree Industrial Trust
SGX:ME8U · Mapletree
S$1.9506.48% 1.20S$5.57B
AIMS APAC REIT
SGX:O5RU · AIMS / internalised
S$1.6006.19% 1.25S$1.31B
Mapletree Logistics Trust
SGX:M44U · Mapletree
S$1.2205.95% 0.96S$6.25B

Yield vs P/NAV

Industrial trusts plotted. Up = higher yield; left = cheaper vs book.

Industrial trusts tend to cluster at mid-to-high yields with moderate gearing. Watch lease structures (multi-tenant vs single-tenant), occupancy and rental reversions — the durability signals our deal briefs extract.

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What drives the Industrial sub-sector

Industrial S-REITs are the workhorses of the sector: long-WALE logistics, multi-tenant business parks, and specialised facilities. Demand drivers include e-commerce penetration, supply-chain resilience and the build-out of digital infrastructure. Key things to compare across the names: positive vs negative rental reversion, occupancy, weighted average lease expiry (WALE), the mix of Singapore vs overseas assets, and currency exposure for the pan-Asian portfolios.

Because industrial assets re-let faster than offices and carry shorter capex cycles than hotels, distribution durability is often higher — but it is far from uniform. Gearing, the cost and tenor of debt, and tenant concentration separate the resilient from the fragile, and those numbers live in the filings rather than the price feed.

Industrial REITs — questions

What is the best industrial REIT in Singapore?
There is no single answer — it depends on whether you prioritise yield, balance-sheet strength or growth. Use the sub-sector screen above to rank the names on yield and P/NAV, then open each REIT for the distribution history and (in the deal brief) gearing, WALE and reversion trends.
Why do logistics REITs trade at different yields?
Yield gaps reflect perceived risk: gearing, the share of overseas vs Singapore assets, currency, lease expiry profile and sponsor strength. A higher yield is not automatically 'cheaper' — it often prices in more risk, which is why we pair it with discount-to-NAV and balance-sheet metrics.

This S-REIT hub is one of GroundVision's data engines

We turn scattered filings and market noise into diligence-ready, source-cited intelligence — and we run the same engine on private CRE deals: 10-minute go / no-go, owner prospecting, listing launch and AI lead management. Every figure on this site was machine-generated and auto-refreshed; no analyst typed it in.