REITs with China exposure surge on stimulus measures: REITs Weekly Watch

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By Gerald Wong, CFA • 28 Sep 2024 • 0 min read

Singapore REITs with China exposure surged as stimulus measures lifted sentiment. Gains were led by BHG REIT, CapitaLand China Trust, and Sasseur REIT.

Singapore REITs Top and Worst Performers 28 Sep 2024
In this article

What happened?

An index of Singapore REITs closed slightly higher compared to the previous week, as improved sentiment towards REITs with China exposure lifted the sector. 

The CSOP iEdge S-REIT Leaders Index ETF closed at S$0.823, gaining 0.9% from its close in the previous week of $0.816.

Singapore REITs with China assets led the gains following the announcement of significant stimulus measures to lift the economy. Gains were led by BHG REIT, CapitaLand China Trust, and Sasseur REIT.

On the other hand, REITs with US exposure saw some profit-taking following gains in previous weeks, with losses led by ARA US Hospitality Trust, Keppel Pacific Oak US REIT and Prime US REIT.

singapore reits weekly wrap 28 sep 2024

Singapore REITs Top Performers

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Singapore REITs Worst Performers

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REIT news of the week

  • CapitaLand Integrated Commercial Trust (CICT) received valid acceptances of 82 per cent at the close of its preferential offering on 24 Sep. The REIT received valid acceptances of 309.5 million new units and excess applications of 183 million units. A total of 377.3 million new units will be issued to raise gross proceeds of about S$757.2 million. The preferential offering units are expected to be listed on the SGX on 2 Oct.
  • Mapletree Logistics Trust has announced the completion of the divestment of Flexhub in Malaysia. The REIT had earlier announced in November 2023 that it had entered a sale and purchase agreement for the divestment of Flexhub and Padi in Malaysia at a total sale price of RM151.2 million ($43.8 million). 
  • Sasseur REIT’s trustee-manager has disposed of 3 million units via a married deal on Sept 25. The units were sold for $1.98 million or 66 cents per unit. Following the transaction, the trustee-manager has a 2.513% stake in the REIT, down from 2.753% previously.
  • CapitaLand India Trust (CLINT)’s trustee-manager has entered into a $50 million sustainability-linked term loan facility agreement with the Bank of East Asia, Singapore branch.
  • Vacancy rates for Grade A offices in Singapore’s central business district rose for the second consecutive quarter to 8.3% in July-September, according to property consultancy Jones Lang LaSalle Inc. That’s the highest level since the first quarter of 2022. 

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