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ESR-REIT’s NPI doubled from its merger with Viva. Industrial REITs saw the strongest net property income (NPI) growth at 5-101% YoY in Q3 2019, according to Maybank Kim Eng. This was mainly attributed to higher contributions from earlier acquisitions.
Industrial REITs were also noted to be the most active in deals as they pushed overseas diversification. Overseas assets under management (AUMs) for industrial REITs hit 24-69% of the total from from 9-67%.
“Overseas assets are mostly freehold and should continue to strengthen S-REITs’ overall AUM growth, with their relatively longer WALEs and leases embedded by annual rental escalations supporting DPU visibility,” according to Maybank Kim Eng analyst Chua Su Tye.
Industrial REITs are expected to see stabilising rents and easing supply. The JTC all-industrial rental index only edged up 0.1% in Q3, whilst supply is projected to slow to 1.7% pa for 2019-21 from 3.3% in 2014-18.
“Leasing activity was largely due to renewals and relocations as tenants continued to rightsize or consolidate, while holding back their expansion given uncertain macros, suggesting a slower recovery in rents,” Chua said.
Real estate related news stories from Singapore
- CapitaLand, CDL, Ascott Reit to redevelop Liang Court into mixed-use complex
- Chart of the Day: Share of condo units sold to HDB upgraders fell to 30%
- Singapore, Tokyo, Ho Chi Minh City, Sydney and Melbourne will be top investment markets in Asia Pacific for 2020: report
- City Dev, CapitaLand lead consortium to redevelop Liang Court site at Clarke Quay
- Brokers' take: CDLHT property deals seen as positive with 'buy' and 'hold'
Asian property news round up
- Hong Kong's home prices seem immune to protests
- Saudi Arabia's 'birthplace' catches foreign investor interest
- Yangon retail rents continue to fall while occupancy remains high: report
- LaSalle Seeds New Japan Property Fund with JPY 105B In Assets
- Investors Pump $1B into India’s Stressed Property Assets and More Asia Real Estate Headlines
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