SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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 <div class='content-caption'>Greener REIT</div>
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According to the UN Environmental Programme, the real estate sector has one of the largest carbon footprints, contributing to 30 per cent of global annual greenhouse gas (GHG) emissions and consumes around 40 per cent of the world's energy.

This explains the increasing focus on climate change issues and responsible investment practices.

SGX and UOB Asset Management have jointly launched the iEdge-UOB Apac Yield Focus Green Reit Index, an index which tracks the performance of 50 higher-yielding Reits in Asia-Pacific (Apac) with positive environmental attributes based on the GRESB assessment framework. 
GRESB is the global leader for ESG research of real assets, covering more than 1,500 property companies, Reits, funds and developers with US$5.7 trillion in assets under management. 
Out of the 50 constituents, nine are S-REITs &amp; Property Trusts: CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, Mapletree Industrial Trust, Mapletree Commercial Trust, Frasers Logistics &amp; Commercial Trust, Suntec REIT, Keppel REIT, Mapletree North Asia Commercial Trust, and Ascendas India Trust. 
The iEdge-UOB Apac Yield Focus Green Reit Index is the first index globally to go beyond using the overall GRESB score and focus on four key environmental indicators to determine the environmental attributes - energy consumption, water consumption, GHG emissions, and green building certifications. 
The index is expected to be fully investable and tradable, as Apac Reits are included into the index based on minimum size of US$1 billion in free-float market capitalisation, liquidity requirements of at least US$400,000 in median daily average traded value, dividend yield-ranking within market cap quartiles, and a minimum GRESB public disclosure score among others.

After which a green tilt is applied using the GRESB Real Estate Assessment environmental scores.

Reits that have more favourable environmental attributes will be rewarded with a higher weighting factor, compared to Reits that have relative lower environmental scores.

By applying the green portfolio tilt, the iEdge-UOB Apac Yield Focus Green Reit Index constituents emit 7 per cent less GHG, consume 12 per cent less water and 9 per cent less energy than the non-green market-cap weighted version of the index.

Green building certification by floor area is also 13 per cent for certifications obtained at the time of design, construction or renovation, and 10 per cent for operational green building certifications.

All constituent weights are capped at 7 per cent and overall country exposure capped at 40 per cent.

Japan makes up 40 per cent of the index, while Australia, Singapore and Hong Kong are at 36 per cent, 16 per cent and 8 per cent respectively.

The index has a trailing 12-month dividend yield of 4.25 per cent.

The UOB Apac Green Reit ETF, which has filed a prospectus with an expected listing on Nov 23, will track the iEdge-UOB Apac Yield Focus Green Reit Index.

The ETF has a target dividend distribution policy of up to 4 per cent of net asset value per annum on a quarterly basis.  REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/retail-and-hospitality-sector-s-reits-outperform-in-october"> </a><a href="https://www.businesstimes.com.sg/companies-markets/nine-s-reits-in-yield-focus-index-based-on-positive-environmental-attributes">read</a><a href="https://www.businesstimes.com.sg/companies-markets/retail-and-hospitality-sector-s-reits-outperform-in-october"> </a>the original version.
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    Greener REIT


According to the UN Environmental Programme, the real estate sector has one of the largest carbon footprints, contributing to 30 per cent of global annual greenhouse gas (GHG) emissions and consumes around 40 per cent of the world's energy.

This explains the increasing focus on climate change issues and responsible investment practices.

SGX and UOB Asset Management have jointly launched the iEdge-UOB Apac Yield Focus Green Reit Index, an index which tracks the performance of 50 higher-yielding Reits in Asia-Pacific (Apac) with positive environmental attributes based on the GRESB assessment framework.  
GRESB is the global leader for ESG research of real assets, covering more than 1,500 property companies, Reits, funds and developers with US$5.7 trillion in assets under management.  
Out of the 50 constituents, nine are S-REITs &amp; Property Trusts: CapitaLand Integrated Commercial Trust, Mapletree Logistics Trust, Mapletree Industrial Trust, Mapletree Commercial Trust, Frasers Logistics &amp; Commercial Trust, Suntec REIT, Keppel REIT, Mapletree North Asia Commercial Trust, and Ascendas India Trust.  
The iEdge-UOB Apac Yield Focus Green Reit Index is the first index globally to go beyond using the overall GRESB score and focus on four key environmental indicators to determine the environmental attributes - energy consumption, water consumption, GHG emissions, and green building certifications.  
The index is expected to be fully investable and tradable, as Apac Reits are included into the index based on minimum size of US$1 billion in free-float market capitalisation, liquidity requirements of at least US$400,000 in median daily average traded value, dividend yield-ranking within market cap quartiles, and a minimum GRESB public disclosure score among others.

After which a green tilt is applied using the GRESB Real Estate Assessment environmental scores.

Reits that have more favourable environmental attributes will be rewarded with a higher weighting factor, compared to Reits that have relative lower environmental scores.

By applying the green portfolio tilt, the iEdge-UOB Apac Yield Focus Green Reit Index constituents emit 7 per cent less GHG, consume 12 per cent less water and 9 per cent less energy than the non-green market-cap weighted version of the index.

Green building certification by floor area is also 13 per cent for certifications obtained at the time of design, construction or renovation, and 10 per cent for operational green building certifications.

All constituent weights are capped at 7 per cent and overall country exposure capped at 40 per cent.

Japan makes up 40 per cent of the index, while Australia, Singapore and Hong Kong are at 36 per cent, 16 per cent and 8 per cent respectively.

The index has a trailing 12-month dividend yield of 4.25 per cent.

The UOB Apac Green Reit ETF, which has filed a prospectus with an expected listing on Nov 23, will track the iEdge-UOB Apac Yield Focus Green Reit Index.

The ETF has a target dividend distribution policy of up to 4 per cent of net asset value per annum on a quarterly basis.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Nine S-Reits in Yield Focus index based on positive environmental attributes

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/238/244/original/image_50824297521635443513931.png?1635443517" class="editor-image img-responsive" data-smartkarma-image-id="238244"></figure><h3><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> 1H22 DPU +5.3% YoY; Reversions turning positive, VivoCity on track for a recovery play</h3><ul><li>1H22 revenue and NPI increased by 11.5% and 10.7% YoY, respectively, to S$243.7m (47.9% of BB est.) and S$189.9m (51.4% of BB est.), mainly due to lower rental rebates as well as compensation received from a pre-terminated lease at mTower.</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Mapletree Commercial Trust (MCT SP) 1H22 DPU +5.3% YoY; Reversions turning positive, VivoCity on track for a recovery play1H22 revenue and NPI increased by 11.5% and 10.7% YoY, respectively, to S$243.7m (47.9% of BB est.) and S$189.9m (51.4% of BB est.), mainly due to lower rental rebates as well as compensation received from a pre-terminated lease at mTower.

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/mapletree-logistics-trust" target="_blank" data-smartkarma-citation="entities:16035" rel="noopener">Mapletree Logistics Trust (MLT SP)</a> acquires logistics facility in South Korea at 4.2% NPI yield; Accretive to DPU</h3><ul><li>MLT has proposed an acquisition of Yeoju Logistics Centre in South Korea for KRW135bn (S$153.8m). The property spans over 70,400sqm in total GFA on ~56,200sqm of freehold land, with two blocks of 3-storey dry warehouses that were completed in 2019. The property is equipped with high quality building specifications, including strong floor loading of over 20kg newton psm, high floor-to-ceiling height of 10-17m, large contiguous floor plates of up to 14,200sqm and a full sprinkler system. The Property was independently valued at KRW139.6bn as at 2Sep21</li><li>The Property is strategically located in northern Yeoju, a newly established logistics hub situated northeast of the Yongin-Icheon market, which is the traditional logistics cluster in the Seoul Metropolitan Area. It is fully leased to one of South Korea’s largest online fashion platforms and a domestic third-party logistics service provider. The acquisition will raise MLT’s e-commerce revenue exposure in South Korea from 24% to 31%. It comes with a WALE (by NLA) of ~3.1yrs and built-in annual rent escalations</li><li>The acquisition is estimated to generate a NPI yield of 4.2% based on the property purchase price and is expected to be DPU accretive. Assuming the acquisition is 100% debt funded, MLT’s aggregate gearing ratio will be ~40.3%. The acquisition is expected to be completed by 4Q21. Upon completion, MLT’s total portfolio will comprise 167 properties with AUM of S$11.1bn.</li></ul>

SingaporeMapletree Logistics Trust (MLT SP) acquires logistics facility in South Korea at 4.2% NPI yield; Accretive to DPUMLT has proposed an acquisition of Yeoju Logistics Centre in South Korea for KRW135bn (S$153.8m). The property spans over 70,400sqm in total GFA on ~56,200sqm of freehold land, with two blocks of 3-storey dry warehouses that were completed in 2019. The property is equipped with high quality building specifications, including strong floor loading of over 20kg newton psm, high floor-to-ceiling height of 10-17m, large contiguous floor plates of up to 14,200sqm and a full sprinkler system. The Property was independently valued at KRW139.6bn as at 2Sep21The Property is strategically located in northern Yeoju, a newly established logistics hub situated northeast of the Yongin-Icheon market, which is the traditional logistics cluster in the Seoul Metropolitan Area. It is fully leased to one of South Korea’s largest online fashion platforms and a domestic third-party logistics service provider. The acquisition will raise MLT’s e-commerce revenue exposure in South Korea from 24% to 31%. It comes with a WALE (by NLA) of ~3.1yrs and built-in annual rent escalationsThe acquisition is estimated to generate a NPI yield of 4.2% based on the property purchase price and is expected to be DPU accretive. Assuming the acquisition is 100% debt funded, MLT’s aggregate gearing ratio will be ~40.3%. The acquisition is expected to be completed by 4Q21. Upon completion, MLT’s total portfolio will comprise 167 properties with AUM of S$11.1bn.

Far East Hospitality Trust / Equity Bottom-Up

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 <div class='content-caption'>Top 10 SGTI 2021 ranking under Reits and business trusts category</div>
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The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of their financial results announcement, so as to provide investors with greater transparency and accountability.

The SGTI is a collaboration among CPA Australia, NUS Business School's Centre for Governance and Sustainability, and the Singapore Institute of Directors, supported by The Business Times.

The SGTI 2021, which assessed companies based on their annual reports for Financial Year 2020 released by June 15, 2021, is divided into two categories - general category (519 companies) and the Reits and business trusts category (43 trusts). 
The mean overall scores of both categories reached all-time highs of 68.7 (general category) and 85.0 (Reits and business trusts category) respectively. 
In the REITs and Business Trusts category, Ascott Residence Trust moved up from third place last year to claim the top rank with an overall score of 115.3. 
Far East Hospitality Trust, which scored 113.8 points, moved up two positions to second place and Ascendas REIT jumped from eighth place to enter the top three with 111.1 points. 
In the SGTI 2021 press release, it was noted that these trusts had done well in sustainability management and in disclosing policies on the amount of funds they could borrow to invest for higher returns.

In addition, they have a minimum of three full-time key representatives who each has at least five years of experience relevant to Reit management.

The mean overall score of the Reits and business trust category increased by 0.2 point year on year and the bonus points for good disclosure practices increased by 1.3 points to 18.5 points.

One example of good disclosure, given in the press release, is disclosing information on the succession planning for the board and senior management.

The proportion of companies that disclosed this information increased from 6.7 per cent in 2020 to 30.2 per cent in 2021.

On the other hand, the SGTI press release noted that penalties for poor disclosure practices, such as discrepancies in corporate announcements, increased by 0.1 point to 5.1. 
The proportion of REITs and Business Trusts that received penalty points stood at 9.3 per cent, compared to 4.4 per cent a year ago. 
The top 5 REITs and Property Trusts with the most year-on-year improvements in overall scores include: Ascendas India Trust (+22.8 points), Mapletree Commercial Trust (+19.4 points), Ascendas REIT (+16.7 points), ParkwayLife REIT (+15.1 points) and Frasers Logistics &amp; Commercial Trust (+14.9 points).

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REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/governance-and-transparency-scores-of-s-reits-hit-all-time-high">read</a><a href="https://www.businesstimes.com.sg/companies-markets/10-s-reits-yielding-long-term-annualised-returns"> </a>the original version.

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    Top 10 SGTI 2021 ranking under Reits and business trusts category


The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of their financial results announcement, so as to provide investors with greater transparency and accountability.

The SGTI is a collaboration among CPA Australia, NUS Business School's Centre for Governance and Sustainability, and the Singapore Institute of Directors, supported by The Business Times.

The SGTI 2021, which assessed companies based on their annual reports for Financial Year 2020 released by June 15, 2021, is divided into two categories - general category (519 companies) and the Reits and business trusts category (43 trusts).  
The mean overall scores of both categories reached all-time highs of 68.7 (general category) and 85.0 (Reits and business trusts category) respectively.  
In the REITs and Business Trusts category, Ascott Residence Trust moved up from third place last year to claim the top rank with an overall score of 115.3.  
Far East Hospitality Trust, which scored 113.8 points, moved up two positions to second place and Ascendas REIT jumped from eighth place to enter the top three with 111.1 points.  
In the SGTI 2021 press release, it was noted that these trusts had done well in sustainability management and in disclosing policies on the amount of funds they could borrow to invest for higher returns.

In addition, they have a minimum of three full-time key representatives who each has at least five years of experience relevant to Reit management.

The mean overall score of the Reits and business trust category increased by 0.2 point year on year and the bonus points for good disclosure practices increased by 1.3 points to 18.5 points.

One example of good disclosure, given in the press release, is disclosing information on the succession planning for the board and senior management.

The proportion of companies that disclosed this information increased from 6.7 per cent in 2020 to 30.2 per cent in 2021.

On the other hand, the SGTI press release noted that penalties for poor disclosure practices, such as discrepancies in corporate announcements, increased by 0.1 point to 5.1.  
The proportion of REITs and Business Trusts that received penalty points stood at 9.3 per cent, compared to 4.4 per cent a year ago.  
The top 5 REITs and Property Trusts with the most year-on-year improvements in overall scores include: Ascendas India Trust (+22.8 points), Mapletree Commercial Trust (+19.4 points), Ascendas REIT (+16.7 points), ParkwayLife REIT (+15.1 points) and Frasers Logistics &amp; Commercial Trust (+14.9 points).


REIT Watch is a weekly column on The Business Times, read the original version.





REIT Watch - Governance and transparency scores of S-Reits hit all-time high

Capitaland India Trust / Equity Bottom-Up

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In the first seven months of 2021, S-Reits have announced asset acquisitions exceeding S$7.5 billion in total purchase consideration.

Several acquisitions announced during the period were in assets such as data centres, logistic warehouses, and office buildings.

In addition, the majority of acquisitions that were announced were outside of Singapore, further entrenching Singapore's position as a global Reit hub - over 80 per cent of S-Reits' portfolios have assets that are internationally diverse.

Recent S-REIT acquisitions announced in the month of July totalled $323 million in purchase consideration and were by Ascendas India Trust, Keppel DC REIT, Keppel Pacific Oak US REIT, and Mapletree Logistics Trust. 
Three out of four were overseas acquisitions and two out of four were data-centre-related acquisitions. 
Ascendas India Trust announced on July 5 that it will invest an estimated S$217 million to develop and operate Phase 1 of its first fully-fitted data centre campus in Airoli, a growing data centre hub in Navi Mumbai, in India.

As such, it has announced that it will acquire a 6.6-acre greenfield site for the development which will comprise two buildings. The first building will have a built-up area of about 325,000 sq ft and is scheduled to be ready by Q2 2024.

The trust will be developing its first data centre campus with its sponsor CapitaLand and believes that its foray into the data centre sector in India will diversify its portfolio into an attractive and highly scaleable asset class.

With the acquisition and development of Phase 1 of the data centre campus, the Trust's portfolio size is expected to increase by 1.2 per cent from the approximately 24.9 million sq ft to 25.2 million sq ft.

Mapletree Logistics Trust announced on July 9 that it was granted an option to purchase a logistics property in Singapore at 9 Changi South Street. While the purpose-built facility will be sold with vacant possession, the Reit manager is in talks with an international 3PL to lease the property as an anchor tenant.

The Reit believes that the property is well-poised to benefit from Singapore's position as a key logistics hub and is an accretive acquisition with an expected stabilised property income yield of approximately 6.2 per cent.

Keppel DC Reit on July 26 announced that it has entered into agreements to acquire Guangdong Data Centre, a fully-fitted data centre in Jiangmen, Guangdong Province, marking its first data centre acquisition in China.

The property, which is expected to be built in Q3 2021, is situated within the Bluesea Intelligence Valley Mega Data Centre Campus and is the first of six data centre buildings to be completed. The property will be fully leased to Guangdong Bluesea Data Development on a triple net basis for 15 years.

The acquisition is expected to increase the Reit's portfolio occupancy rate from 98.0 per cent to 98.2 per cent and weighted average lease expiry from 6.5 years to 7.3 years.

As part of this agreement, Keppel DC Reit will have the right of first refusal to acquire the remaining five data centres within the campus.

Keppel Pacific Oak US Reit announced on July 28 that it is deepening its technology footprint in key growth markets in the US with the acquisitions of Nashville and Denver office building assets.

Both office buildings - Bridge Crossing and 105 Edgeview - are 100 per cent leased to tenants mainly in the fast-growing and defensive technology sector.

They include anchor tenants Comdata, which is part of Fleetcor Group, a leading global business payment firm, and Gogo Business Aviation, which is the world's largest provider of broadband connectivity services for the business aviation market.

The Reit expects the pro-forma assets under management to grow by 8.0 per cent to approximately US$1.4 billion and the pro-forma portfolio committed occupancy to increase from 90.5 per cent to 91.2 per cent. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/s-reits-recent-acquisitions-further-entrench-diversity">read </a>the original version.
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    Recent SREIT


In the first seven months of 2021, S-Reits have announced asset acquisitions exceeding S$7.5 billion in total purchase consideration.

Several acquisitions announced during the period were in assets such as data centres, logistic warehouses, and office buildings.

In addition, the majority of acquisitions that were announced were outside of Singapore, further entrenching Singapore's position as a global Reit hub - over 80 per cent of S-Reits' portfolios have assets that are internationally diverse.

Recent S-REIT acquisitions announced in the month of July totalled $323 million in purchase consideration and were by Ascendas India Trust, Keppel DC REIT, Keppel Pacific Oak US REIT, and Mapletree Logistics Trust.  
Three out of four were overseas acquisitions and two out of four were data-centre-related acquisitions.  
Ascendas India Trust announced on July 5 that it will invest an estimated S$217 million to develop and operate Phase 1 of its first fully-fitted data centre campus in Airoli, a growing data centre hub in Navi Mumbai, in India.

As such, it has announced that it will acquire a 6.6-acre greenfield site for the development which will comprise two buildings. The first building will have a built-up area of about 325,000 sq ft and is scheduled to be ready by Q2 2024.

The trust will be developing its first data centre campus with its sponsor CapitaLand and believes that its foray into the data centre sector in India will diversify its portfolio into an attractive and highly scaleable asset class.

With the acquisition and development of Phase 1 of the data centre campus, the Trust's portfolio size is expected to increase by 1.2 per cent from the approximately 24.9 million sq ft to 25.2 million sq ft.

Mapletree Logistics Trust announced on July 9 that it was granted an option to purchase a logistics property in Singapore at 9 Changi South Street. While the purpose-built facility will be sold with vacant possession, the Reit manager is in talks with an international 3PL to lease the property as an anchor tenant.

The Reit believes that the property is well-poised to benefit from Singapore's position as a key logistics hub and is an accretive acquisition with an expected stabilised property income yield of approximately 6.2 per cent.

Keppel DC Reit on July 26 announced that it has entered into agreements to acquire Guangdong Data Centre, a fully-fitted data centre in Jiangmen, Guangdong Province, marking its first data centre acquisition in China.

The property, which is expected to be built in Q3 2021, is situated within the Bluesea Intelligence Valley Mega Data Centre Campus and is the first of six data centre buildings to be completed. The property will be fully leased to Guangdong Bluesea Data Development on a triple net basis for 15 years.

The acquisition is expected to increase the Reit's portfolio occupancy rate from 98.0 per cent to 98.2 per cent and weighted average lease expiry from 6.5 years to 7.3 years.

As part of this agreement, Keppel DC Reit will have the right of first refusal to acquire the remaining five data centres within the campus.

Keppel Pacific Oak US Reit announced on July 28 that it is deepening its technology footprint in key growth markets in the US with the acquisitions of Nashville and Denver office building assets.

Both office buildings - Bridge Crossing and 105 Edgeview - are 100 per cent leased to tenants mainly in the fast-growing and defensive technology sector.

They include anchor tenants Comdata, which is part of Fleetcor Group, a leading global business payment firm, and Gogo Business Aviation, which is the world's largest provider of broadband connectivity services for the business aviation market.

The Reit expects the pro-forma assets under management to grow by 8.0 per cent to approximately US$1.4 billion and the pro-forma portfolio committed occupancy to increase from 90.5 per cent to 91.2 per cent.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits' recent acquisitions further entrench diversity

Singapore

Capitaland India Trust operates as a property trust. The Trust acquires, owns, and develops income-producing real estates such as IT business parks, logistics space, and industrial facilities. Capitaland India Trust serves customers in India.

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Capitaland India Trust (CLINT SP)

REIT Watch - Nine S-Reits in Yield Focus index based on positive environmental attributes

According to the UN Environmental Programme, the real estate sector has one of the largest carbon footprints, contributing to...

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REIT Watch - Governance and transparency scores of S-Reits hit all-time high

The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits' recent acquisitions further entrench diversity

In the first seven months of 2021, S-Reits have announced asset acquisitions exceeding S$7.5 billion in total purchase...

Singapore Exchange Ltd (SGX)

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