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

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

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

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<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> to acquire logistics facility in Malaysia with 5.4% NPI yield; Accretive to both NAV and DPU</h3><ul><li>MLT has proposed to acquire Mapletree Logistics Hub Shah Alam, Malaysia at a purchase price of RM404.8m (S$130.2m), 0.05% discount to an independent valuation of RM405m. The total transaction costs will be S$132.2m, comprising the acquisition price of ~RM404.8m (S$130.2), acquisition fee of ~S$0.7m and other fees and expenses of ~S$1.3m</li><li>The freehold property is s located in the free trade zone of the Port of Tanjung Pelepas, Southern Johor. Spanning a total NLA of c.131,986sqm, the property is comprised a block of single-storey warehouse with mezzanine floor offices and two blocks of double-storey ramp-up warehouses with mezzanine floor offices and other ancillary buildings. The property has a diversified tenant base comprising end-users as well as 3PLs leasing the premises as their Southeast Asian distribution hub for predominantly consumer goods, including subsidiaries of Decathlon and Maersk. The occupancy rate stands at 95% as at 30Jun21 with a WALE of ~3.5 years with built in rental escalation</li><li>The acquisition is expected to generate an initial NPI yield of 5.4% (based on purchase price) and will be accretive on NAV and distribution level. It will funded through a combination of the proceeds from the Equity Fund Raising, a drawdown of debt facilities and the issuance of the Senior ABS MTNs. Upon completion, MLT’s aggregate leverage ratio is estimated to be c.39.0%.</li></ul>

SingaporeMapletree Logistics Trust (MLT SP) to acquire logistics facility in Malaysia with 5.4% NPI yield; Accretive to both NAV and DPUMLT has proposed to acquire Mapletree Logistics Hub Shah Alam, Malaysia at a purchase price of RM404.8m (S$130.2m), 0.05% discount to an independent valuation of RM405m. The total transaction costs will be S$132.2m, comprising the acquisition price of ~RM404.8m (S$130.2), acquisition fee of ~S$0.7m and other fees and expenses of ~S$1.3mThe freehold property is s located in the free trade zone of the Port of Tanjung Pelepas, Southern Johor. Spanning a total NLA of c.131,986sqm, the property is comprised a block of single-storey warehouse with mezzanine floor offices and two blocks of double-storey ramp-up warehouses with mezzanine floor offices and other ancillary buildings. The property has a diversified tenant base comprising end-users as well as 3PLs leasing the premises as their Southeast Asian distribution hub for predominantly consumer goods, including subsidiaries of Decathlon and Maersk. The occupancy rate stands at 95% as at 30Jun21 with a WALE of ~3.5 years with built in rental escalationThe acquisition is expected to generate an initial NPI yield of 5.4% (based on purchase price) and will be accretive on NAV and distribution level. It will funded through a combination of the proceeds from the Equity Fund Raising, a drawdown of debt facilities and the issuance of the Senior ABS MTNs. Upon completion, MLT’s aggregate leverage ratio is estimated to be c.39.0%.

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The 10 best performing S-Reits and property trusts with over a 10-year listing history have averaged 12.5 per cent in 10-year annualised total returns. On an absolute basis across the 10-year period, these 10 trusts have generated total returns averaging 240 per cent as Reits continue to be an asset class of choice for the longer horizon.

Comparatively, the 10 have also outperformed major Asia-Pacific Reit markets which have yielded 10.3 per cent in average total returns for the same period. 
Of the 10, the top five trusts Mapletree Industrial Trust, Mapletree Logistics Trust, Mapletree Commercial Trust, ParkwayLife REIT and AIMS APAC REIT, were also among Asia Pacific’s 20 best performing REITs with a longer trading history. 
Three of these are S-Reits sponsored by Mapletree Investments, which owns and manages over S$66 billion of data centre, industrial, lodging, logistics, mixed-use, multifamily, office, residential and retail properties. 
Mapletree Industrial Trust (MINT) listed in October 2010 with an initial investment portfolio of 70 Singapore industrial properties valued at S$2.1 billion including business parks, flatted factories, stack-up/ramp-up buildings and light industrial buildings. 
Today, the trust has tripled in portfolio with assets under management of S$6.7 billion across 114 properties in Singapore and North America. In terms of asset mix, MINT has also diversified with acquisitions into high-tech buildings and data centres making up 20.9 per cent and 39.8 per cent respectively. Its latest acquisition of 29 data centres in the United States makes it one of the largest owners of data centres among Asia-Pacific Reits.

Mapletree Logistics Trust (MLT) was one of the first Mapletree Group S-Reits to be listed in July 2005 and was the first Asia-focused logistics Reit. Its portfolio of properties has swelled from 15 properties worth S$422 million to 163 properties worth S$10.7 billion across nine countries in the Asia-Pacific.

MLT now has a diversified tenant base of 752 customers with close to 75 per cent of its portfolio serving consumer-related sectors.

Mapletree Commercial Trust (MCT) listed in April 2011 with three properties located in Singapore valued at S$2.8 billion. Its enlarged portfolio value has since trebled and comprises five Singapore properties worth S$8.7 billion.

ParkwayLife Reit (PLife) listed in August 2007 with just three properties in Singapore - Mount Elizabeth Hospital, Gleneagles Hospital and East Shore Hospital with a combined value of S$775 million. Fourteen years on, it has almost trebled its portfolio value at S$1.99 billion across 53 properties in Singapore, Japan and Malaysia and considers itself to be one of the largest listed healthcare Reits in Asia.

PLife recently completed its third strategic recycling initiative with a divestment of a non-core asset and acquired two nursing homes in Japan, increasing its geographical coverage and further diversification of age-care tenants.

Some may remember Aims Apac Reit as MacarthurCook Industrial Reit which listed in April 2007 with a portfolio of 12 industrial properties in Singapore valued at S$316 million.

The Reit has since rebranded itself in 2019 and has grown over five times in size with a portfolio value of S$1.7 billion across 28 properties in Singapore and Australia.

Its tenant base of 188 tenants has also diversified across the years, and include resilient sectors such as logistics and warehouses, bio-medical and life science, telecommunications and data centre operators accounting for seven out of its top 10 tenants. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/10-s-reits-yielding-long-term-annualised-returns">read </a>the original version.
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    10 best performing trusts


The 10 best performing S-Reits and property trusts with over a 10-year listing history have averaged 12.5 per cent in 10-year annualised total returns. On an absolute basis across the 10-year period, these 10 trusts have generated total returns averaging 240 per cent as Reits continue to be an asset class of choice for the longer horizon.

Comparatively, the 10 have also outperformed major Asia-Pacific Reit markets which have yielded 10.3 per cent in average total returns for the same period.  
Of the 10, the top five trusts Mapletree Industrial Trust, Mapletree Logistics Trust, Mapletree Commercial Trust, ParkwayLife REIT and AIMS APAC REIT, were also among Asia Pacific’s 20 best performing REITs with a longer trading history.  
Three of these are S-Reits sponsored by Mapletree Investments, which owns and manages over S$66 billion of data centre, industrial, lodging, logistics, mixed-use, multifamily, office, residential and retail properties.  
Mapletree Industrial Trust (MINT) listed in October 2010 with an initial investment portfolio of 70 Singapore industrial properties valued at S$2.1 billion including business parks, flatted factories, stack-up/ramp-up buildings and light industrial buildings.  
Today, the trust has tripled in portfolio with assets under management of S$6.7 billion across 114 properties in Singapore and North America. In terms of asset mix, MINT has also diversified with acquisitions into high-tech buildings and data centres making up 20.9 per cent and 39.8 per cent respectively. Its latest acquisition of 29 data centres in the United States makes it one of the largest owners of data centres among Asia-Pacific Reits.

Mapletree Logistics Trust (MLT) was one of the first Mapletree Group S-Reits to be listed in July 2005 and was the first Asia-focused logistics Reit. Its portfolio of properties has swelled from 15 properties worth S$422 million to 163 properties worth S$10.7 billion across nine countries in the Asia-Pacific.

MLT now has a diversified tenant base of 752 customers with close to 75 per cent of its portfolio serving consumer-related sectors.

Mapletree Commercial Trust (MCT) listed in April 2011 with three properties located in Singapore valued at S$2.8 billion. Its enlarged portfolio value has since trebled and comprises five Singapore properties worth S$8.7 billion.

ParkwayLife Reit (PLife) listed in August 2007 with just three properties in Singapore - Mount Elizabeth Hospital, Gleneagles Hospital and East Shore Hospital with a combined value of S$775 million. Fourteen years on, it has almost trebled its portfolio value at S$1.99 billion across 53 properties in Singapore, Japan and Malaysia and considers itself to be one of the largest listed healthcare Reits in Asia.

PLife recently completed its third strategic recycling initiative with a divestment of a non-core asset and acquired two nursing homes in Japan, increasing its geographical coverage and further diversification of age-care tenants.

Some may remember Aims Apac Reit as MacarthurCook Industrial Reit which listed in April 2007 with a portfolio of 12 industrial properties in Singapore valued at S$316 million.

The Reit has since rebranded itself in 2019 and has grown over five times in size with a portfolio value of S$1.7 billion across 28 properties in Singapore and Australia.

Its tenant base of 188 tenants has also diversified across the years, and include resilient sectors such as logistics and warehouses, bio-medical and life science, telecommunications and data centre operators accounting for seven out of its top 10 tenants.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - 10 S-Reits yielding long-term annualised returns

<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> to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretive</h3><ul><li>MLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9m</li><li>The freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalations</li><li>The asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%</li><li>Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%</li><li>MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/820/original/image_45736139921629083801234.png?1629083809" class="editor-image img-responsive" data-smartkarma-image-id="223820"></figure>

SingaporeMapletree Logistics Trust (MLT SP) to acquire Australian cold storage facility at 4.3% yield; Fully-funded by debt, DPU accretiveMLT proposed an acquisition of a cold storage facility at 5-17 Leslie Road and 6-10 Pipe Road in Melbourne, Victoria, Australia for A$42.8m (S$42.8m) vs. independent valuation of A$43.0m as at 21Jun21. Including A$3.1m transaction-related costs, the total transaction costs will be A$45.9mThe freehold property is located within the inner west precinct of Melbourne, an established industrial and logistics region in the vicinity of MLT’s existing four properties. Spanning a total NLA of 14,747sqm, the property is comprised of five blocks of cold and freezer warehouse (77% of NLA), ambient warehouse, office and other amenities. The property is 100% leased to Austco Polar Cold Storage, a wholly-owned subsidiary of ASX-listed Wingara AG Limited, for the next 13 years with annual rent escalationsThe asset is expected to generate an initial NPI yield of 4.3% (based on purchase price) and will be accretive at the distribution level. The acquisition will be 100% funded by debt and is expected to be completed by 3Q22. Upon completion and including the proposed acquisition of 9 Changi South Street 2 (announced on 9Jul21), MLT’s aggregate leverage ratio is estimated to rise to 38.7%Following this Acquisition, MLT will have five logistics assets in Melbourne and a total of 13 assets in AUS with over A$870m in AUM (8.5% of AUM from 8.0%) and 352,400sqm of leasable space. Contribution from AUS will increase from 7.4% of GRI to 8.5%MLT is currently trading at 4.2% FY22E yield and 1.6x P/B.

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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

Mapletree Industrial Trust is a Singapore-focused real estate investment trust with a large and diversified portfolio of industrial properties. The Trust invests in a diverse portfolio of industrial properties with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

FLT offers investors an opportunity to invest in logistics and industrial real estate assets strategically located within major logistics and industrial markets of Australia, Germany and the Netherlands.

Frasers Logistics & Commercial Trust (FLT SP)

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

Suntec Real Estate Investment Trust is a commercial real estate investment trust. The Trust invests in income-producing real estate that is primarily used for retail and/or office purposes.

Keppel REIT operates as a commercial real estate investment trust. The Trust owns and invests in a portfolio of income-producing office buildings and related real estate assets. Keppel REIT offers its services in Asia and Australia.

SPH REIT is a Singapore-based REIT established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Pacific, as well as real estate-related assets.

ESR-LOGOS Real Estate Investment Trust (“ESR-LOGOS REIT”) is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-LOGOS REIT invests in quality income-producing industrial properties in key gateway markets.

As at 28 April 2022, ESR-LOGOS REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately S$5.5 billion. Its portfolio comprises 84 properties located across the developed markets of Singapore (63 assets) and Australia (21 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-LOGOS REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. 

ESR-LOGOS REIT is managed by ESR-LOGOS Funds Management (S) Limited (the “Manager”) and sponsored by the ESR Group (“ESR”). The Manager is owned by ESR (67.3%), Shanghai Summit Pte. Ltd. (25.0%), and Mitsui & Co., Ltd (7.7%), respectively.

For further information on ESR-LOGOS REIT, please visit www.esr-logosreit.com.sg.

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.

Vicinity Centres retails asset and property management services. The Company offers a retail property investment and services organization involved in the ownership, management, and development of retail properties. The Company operates shopping centers across Australia.

Dexus provides real estate services. The Company manages and invests in a portfolio of diversified properties, including office and industrial buildings, retail shopping centers, and car parks. Dexus serves customers in Australia and New Zealand.

Japan Metropolitan Fund Investment Corporation operates real estate investment trust. The Company provides securitized real estate investment, real estate leasing, shopping centers investment, and other services. Japan Metropolitan Fund Investment provides its services throughout Japan.

Japan Metropolitan Fund Investment Corporation (8953 JP)

Japan Metropolitan Fund Investment Corporation

Ryman Hospitality Properties, Inc. is a real estate investment trust specializing in group-oriented, destination hotel assets in urban and resort markets.

Sabra Health Care REIT, Inc. is a real estate investment trust.  The trust owns nursing homes, rehabilitation centers, assisted living facilities, and independent living centers.

Nippon Building Fund Inc. is a real estate investment trust (REIT) which mainly invests in real estate and securitized real estate products. Properties are mainly Business offices and are located in Tokyo Major 5 wards and Kanto area.

Independence Realty Trust, Inc. is an externally managed and advised apartment REIT focused on acquiring and owning well-located garden-style and mid-rise apartment properties throughout the United States.

Kite Realty Group Trust is a full-service, vertically integrated real estate company focused primarily on the development, construction, acquisition, ownership and operation of neighborhood and community shopping centers.  The company own properties in Indiana, Florida, Texas, Washington, Oregon, New Jersey, Illinois and Georgia.

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

Mapletree Logistics Trust is an Asia-focused logistics real estate investment trust. The Company invests in a diversified portfolio of income-producing real estate which is used for logistics purposes.

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Mapletree Logistics Trust (MLT SP)

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (23Aug21)

MLT acquires MY logistics @ 5.4% yield; The Executive Centre new Co-working space at ORQ; JFC injects P3.7bn into DD industrial subs; RCR IPO...

SCCM Asia Research

REIT Watch - 10 S-Reits yielding long-term annualised returns

The 10 best performing S-Reits and property trusts with over a 10-year listing history have averaged 12.5 per cent in 10-year...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (16Aug21)

MLT buys Aus cold storage facility; CIT readies ~2,000 resi launch pipeline; Jul21 new home sales surged 77% MoM; RCR gets IPO listing nod;...

SCCM Asia Research

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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