Mapletree Logistics Trust divests Malaysian assets: REITs Weekly Watch

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REITs

By Gerald Wong, CFA • 14 Sep 2024

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Singapore REITs mostly gained as the T-bill yield fell further. REITs with European and US assets bounced the most.

Singapore REITs Top and Worst Performers 14 Sep 2024

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What happened?

Singapore REITs posted further gains in the past week, with the CSOP iEdge S-REIT Leaders Index ETF gaining 1.4% for the week ending 13 September 2024.

The gains for Singapore REITs were driven by continued optimism that the sector will benefit from interest rate cuts, as the 6-month Singapore T-bill fell further to 3.1% in the latest auction.

REITs with overseas assets were the top gainers, following the European Central Bank’s rate cut and anticipation of the US Federal Reserve’s first rate cut in the coming week.

CSOP iEdge S-REIT Leaders Index ETF share price

singapore reits top performers 14 sep 2024

Singapore REITs Top Performers:

Singapore REITs Worst Performers

singapore reits worst performers 14 sep 2024

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What’s moving

mapletree logistics trust

Mapletree Logistics Trust is divesting three assets in Malaysia for RM157.5m at above valuation. The proposed divestments are part of the Mapletree Logistics Trust’s strategy to rejuvenate its portfolio through selective divestments, and expected to be completed by FY2025. They are not expected to have a material impact on MLT’s net asset value and net property income for FY2025.
Digital Core REIT has issued a notice to acquire a further interest of between 0.2% and 40% in the 49.9%-owned Frankfurt data centre. The acquisition cost is estimated at up to US$213 million.