OUE Real Estate Investment Trust's (OUEREIT) proposed majority stake in Sydney's Salesforce Tower will bolster its portfolio quality and geographical diversification, and support earnings from 2027. We view the resultant increase in leverage beyond the levels commensurate with the'BBB-'rating as temporary. In our opinion, the management is committed to bring leverage down in line with historical levels via asset divestment. On Oct. 28, 2026, S&P Global Ratings affirmed its'BBB-'long-term issuer credit rating to OUEREIT. We also affirmed our'BBB-'long-term issue rating on the senior unsecured notes the REIT guarantees. The stable rating outlook reflects our view that OUEREIT's divestment plans could help it reduce leverage over the next six months. The increased stake in Salesforce
