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Underpinned by a global hunt for yield, Singapore's real estate investment trusts are having a bumper year in deal-making as well as fundraising. The mantra that bigger is better will continue to drive capital market activity in the sector, analysts say.
Singapore-listed Reits have forked out US$16.9 billion to purchase assets this year, already triple the previous peak reached in 2014. The sector has also raised a record amount in follow-on share sales, riding an 18 per cent gain in the FTSE Singapore REIT Index, which is more than four times the rise in the broad benchmark in the city-state.
The mergers and acquisitions have created some of the largest Reits in the region. The allure of being big: the entity would find it easier to get a place in global benchmarks and portfolios, raise funds for expansion and tackle competition. For those reasons, expanded companies are better investments for stock buyers.
"Reits are going to be a go-to sector for the next year as consolidation will add another reason to buy alongside yields," said Jin Rui Oh, a Singapore-based director at United First Partners. The enlarged entities would get better market value, analyst coverage and potential index inclusion, he added.
Real estate related news stories from Singapore
- Iskandar still having hangover from residential market overhang
- Keppel Reit open to more development exposure
- 800 Super opens S$130m Tuas plant, announces new business lines
- Strata-titled retail unit sales crashed 55.3% to $64.3m in Q3
- Chart of the Day: Foreigners preferred pricier CCR homes in Q3
Asian property news round up
- Hong Kong property faces a trust deficit
- REIC upbeat on impact of latest property tax perks
- Thai government introduces property stimulus package
- MoC releases first quarterly real estate market report
- The Maris by UEM Sunrise records take up rate of 66%
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