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)

<ul><li><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yield</li><li><a href="https://www.smartkarma.com/entities/oue-commercial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:912" rel="noopener">OUE Commercial REIT (OUECT SP)</a> looking to acquire office assets in Sydney, Melbourne, and London</li><li>The SGD strengthening to keep SREITs resilient after travel rebound</li></ul>

Ascendas Real Estate Investment Trust (AREIT SP) to acquire 7 logistics properties in Chicago, USA at ~5.3% NPI yieldOUE Commercial REIT (OUECT SP) looking to acquire office assets in Sydney, Melbourne, and LondonThe SGD strengthening to keep SREITs resilient after travel rebound

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>’s EGM, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

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

<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>OUE Commercial REIT</h2>
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<p>OUE Commercial Real Estate Investment Trust (collectively defined herein as OUE C-REIT) is a real estate investment trust listed on the Mainboard of Singapore Exchange Limited (SGX) since 27 January 2014. It has a portfolio of seven properties across the commercial and hospitality segments in Singapore and Shanghai. OUE C-REIT's property portfolio comprises more than 2.0 million square feet of prime office and retail space and 1,640 upscale hotel rooms.</p>
<h3>SUMMARY</h3>
<p>For the financial year ended 31 December 2021 (FY2021) OUE C-REIT recorded revenue of S$249.9 million, a 14.4% decrease from S$292.0 million over the same period a year ago. Net property income (NPI) also decreased by 11.9% from S$231.9 million in FY2020 to S$204.2 million in FY2021. This was mainly due to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021. Meanwhile, due to the redistribution of S$5.0 million retained in FY2020 and S$5.4 million capital gain distribution from the divestment of OUE Bayfront, amount to be distributed increased by 6.9% yoy to S$142.0 million in FY2021. This led to a distribution per unit (DPU) of 2.60 cents for FY2021. For the second half of 2021 (2H2021), OUE C-REIT declared a dividend of 1.37 cents per unit to be paid on 30 March 2022. Further, the total return attributable to unitholders and CPPU holder amounted to S$38.9 million, translating to an earnings per share of 0.67 cents for FY2021.</p>
<h3>RECOMMENDATION</h3>
<p>Based on OUE C-REIT reported NAV of S$0.57, OUE C-REIT currently has a P/B multiple of 0.71x and is trading at a discount of approximately 29% to NAV. Our peer comparison results show that OUE C-REIT could be undervalued, given a lower P/B of 0.71x compared to its peer average P/B of 0.86x. In addition, we note that OUE C-REIT is relatively attractive in terms of dividend yield. Adopting a relative valuation approach, we estimate a target price of S$0.490 and S$0.515 based on our P/B and dividend yield peer comparison analysis. By taking the average of the estimated target price of S$0.490 and S$0.515, we derived an estimated target price of S$0.503 based on our peer comparison analysis. Further, according to our Dividend Discount Model (DDM) analysis, with a cost of equity of 5.83% and a terminal growth of 1.00%, we derived an estimated target price of S$0.528. Given the above, we estimate a target price of S$0.516, which is the average of the estimated target price from our peer comparison and DDM analysis. This target price is a 27.41% upside from the current share price of S$0.405. We believe this upside could be justified by a potential improvement in OUE C-REIT’s earnings as supported by the positive outlook of Singapore’s economy, potential growth in office rental and the improvement in hospitality sector. Further, the re-branding of Hilton Singapore Orchard could also underpin revenue and profit growth. Given the above, we believe a buy recommendation is warranted on OUE C-REIT.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






OUE Commercial REIT




PRICE PERFORMANCE




COMPANY DESCRIPTION




OUE Commercial Real Estate Investment Trust (collectively defined herein as OUE C-REIT) is a real estate investment trust listed on the Mainboard of Singapore Exchange Limited (SGX) since 27 January 2014. It has a portfolio of seven properties across the commercial and hospitality segments in Singapore and Shanghai. OUE C-REIT's property portfolio comprises more than 2.0 million square feet of prime office and retail space and 1,640 upscale hotel rooms.
SUMMARY
For the financial year ended 31 December 2021 (FY2021) OUE C-REIT recorded revenue of S$249.9 million, a 14.4% decrease from S$292.0 million over the same period a year ago. Net property income (NPI) also decreased by 11.9% from S$231.9 million in FY2020 to S$204.2 million in FY2021. This was mainly due to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021. Meanwhile, due to the redistribution of S$5.0 million retained in FY2020 and S$5.4 million capital gain distribution from the divestment of OUE Bayfront, amount to be distributed increased by 6.9% yoy to S$142.0 million in FY2021. This led to a distribution per unit (DPU) of 2.60 cents for FY2021. For the second half of 2021 (2H2021), OUE C-REIT declared a dividend of 1.37 cents per unit to be paid on 30 March 2022. Further, the total return attributable to unitholders and CPPU holder amounted to S$38.9 million, translating to an earnings per share of 0.67 cents for FY2021.
RECOMMENDATION
Based on OUE C-REIT reported NAV of S$0.57, OUE C-REIT currently has a P/B multiple of 0.71x and is trading at a discount of approximately 29% to NAV. Our peer comparison results show that OUE C-REIT could be undervalued, given a lower P/B of 0.71x compared to its peer average P/B of 0.86x. In addition, we note that OUE C-REIT is relatively attractive in terms of dividend yield. Adopting a relative valuation approach, we estimate a target price of S$0.490 and S$0.515 based on our P/B and dividend yield peer comparison analysis. By taking the average of the estimated target price of S$0.490 and S$0.515, we derived an estimated target price of S$0.503 based on our peer comparison analysis. Further, according to our Dividend Discount Model (DDM) analysis, with a cost of equity of 5.83% and a terminal growth of 1.00%, we derived an estimated target price of S$0.528. Given the above, we estimate a target price of S$0.516, which is the average of the estimated target price from our peer comparison and DDM analysis. This target price is a 27.41% upside from the current share price of S$0.405. We believe this upside could be justified by a potential improvement in OUE C-REIT’s earnings as supported by the positive outlook of Singapore’s economy, potential growth in office rental and the improvement in hospitality sector. Further, the re-branding of Hilton Singapore Orchard could also underpin revenue and profit growth. Given the above, we believe a buy recommendation is warranted on OUE C-REIT.


















(Non-SGX Report) OUE Commercial REIT - PRICE PERFORMANCE

Far East Hospitality Trust / Equity Bottom-Up

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    <div class='content-caption'>Top 10 performing SREITs</div>
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<p>Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward" towards living with Covid-19.</p>

<p>With the risk of outdoor transmission significantly lower, it will soon be optional to wear masks outdoors in Singapore while the maximum group size for social gatherings as well as dining in will double from 5 to 10. Certain large-scale social gatherings are also permitted to resume.</p>

<p>Office spaces are expected to be filled up again, as up to 75 per cent of those who can work from home are now allowed to return to their workplaces, up from 50 per cent previously.<br><br>
Cross-border travel is also expected to ease substantially from Apr 1, as travellers no longer have to take designated vaccinated travel lanes (VTL) to enter Singapore quarantine-free.<br><br>
Such moves will help to "reconnect Singapore with the world" and "give a much-needed boost to businesses, particularly the tourism sector, and help Singapore reclaim its position as a business and aviation hub" said Prime Minister Lee Hsien Loong during his speech.<br><br>
Following the announcement, the Straits Times Index (STI) gained 1.1 per cent during Thursday's (Mar 24) trading session, driven by a rally in aviation, transport, tourism and retail-related stocks.<br><br>
Similarly, S-Reits recorded gains, with the iEdge S-Reit Index increasing 1 per cent in the trading session, led by trusts with significant exposure to Singapore related retail, hospitality, and office assets.</p>

<p>Hospitality S-Reits gained 3.5 per cent while retail S-Reits gained 1.5 per cent. More notably, hospitality and retail S-Reits saw a surge in trading activities on Thursday with S$27.4 million and S$21.4 million in traded value respectively.</p>

<p>This represents over 211 per cent and 58 per cent increases respectively, against their 3-month average daily traded value.<br><br>
Diversified S-REITs also gained an average of 1.8 per cent over Thursday, led by trusts (Lendlease Global Commercial REIT, OUE Commercial REIT and Suntec REIT) with substantial exposure to the retail and office segments in Singapore.<br><br>
Lendlease Global Commercial Reit (LReit), which owns prime retail properties in Singapore and grade-A office buildings in Milan, was the top performer for the day with over 7 per cent gains.<br><br>
In February, LReit proposed to acquire the remaining interest in JEM mall for close to S$2 billion.<br><br>
LReit expects the acquisition to further boost the Reit's portfolio income diversification and provide approximately 10.5 per cent distribution per unit (DPU) accretion upon completion.<br><br>
Post-acquisition, LReit's exposure to the resilient suburban retail sector is expected to increase from 16.3 per cent to 46.8 per cent and its Singapore-centric asset base to be close to 88 per cent of its total portfolio value.<br><br>
CDL Hospitality Trusts (CDLHT), which owns hotel properties across Asia Pacific and Europe, rose 6 per cent over the trading day following the announcement of easing travel restrictions.<br><br>
CDLHT's Singapore portfolio (approximately 64.9 per cent by total portfolio valuation) continued to be impacted by the absence of major meetings, incentives, conferences, and exhibitions (MICE) events, large wedding banquets and social functions in FY 2021.</p>

<p>The trust remains optimistic in Singapore's commitment to reopening and returning to normalcy.<br><br><strong><em>REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a><a href="https://www.businesstimes.com.sg/companies-markets/retail-hotel-office-s-reits-gain-with-relaxed-covid-rules-0">read</a><a href="https://www.businesstimes.com.sg/companies-markets/pure-play-china-s-reits-record-strong-2021-growth-0"> </a>the original version.</em></strong></p>
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    Top 10 performing SREITs


Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward" towards living with Covid-19.

With the risk of outdoor transmission significantly lower, it will soon be optional to wear masks outdoors in Singapore while the maximum group size for social gatherings as well as dining in will double from 5 to 10. Certain large-scale social gatherings are also permitted to resume.

Office spaces are expected to be filled up again, as up to 75 per cent of those who can work from home are now allowed to return to their workplaces, up from 50 per cent previously.  
Cross-border travel is also expected to ease substantially from Apr 1, as travellers no longer have to take designated vaccinated travel lanes (VTL) to enter Singapore quarantine-free.  
Such moves will help to "reconnect Singapore with the world" and "give a much-needed boost to businesses, particularly the tourism sector, and help Singapore reclaim its position as a business and aviation hub" said Prime Minister Lee Hsien Loong during his speech.  
Following the announcement, the Straits Times Index (STI) gained 1.1 per cent during Thursday's (Mar 24) trading session, driven by a rally in aviation, transport, tourism and retail-related stocks.  
Similarly, S-Reits recorded gains, with the iEdge S-Reit Index increasing 1 per cent in the trading session, led by trusts with significant exposure to Singapore related retail, hospitality, and office assets.

Hospitality S-Reits gained 3.5 per cent while retail S-Reits gained 1.5 per cent. More notably, hospitality and retail S-Reits saw a surge in trading activities on Thursday with S$27.4 million and S$21.4 million in traded value respectively.

This represents over 211 per cent and 58 per cent increases respectively, against their 3-month average daily traded value.  
Diversified S-REITs also gained an average of 1.8 per cent over Thursday, led by trusts (Lendlease Global Commercial REIT, OUE Commercial REIT and Suntec REIT) with substantial exposure to the retail and office segments in Singapore.  
Lendlease Global Commercial Reit (LReit), which owns prime retail properties in Singapore and grade-A office buildings in Milan, was the top performer for the day with over 7 per cent gains.  
In February, LReit proposed to acquire the remaining interest in JEM mall for close to S$2 billion.  
LReit expects the acquisition to further boost the Reit's portfolio income diversification and provide approximately 10.5 per cent distribution per unit (DPU) accretion upon completion.  
Post-acquisition, LReit's exposure to the resilient suburban retail sector is expected to increase from 16.3 per cent to 46.8 per cent and its Singapore-centric asset base to be close to 88 per cent of its total portfolio value.  
CDL Hospitality Trusts (CDLHT), which owns hotel properties across Asia Pacific and Europe, rose 6 per cent over the trading day following the announcement of easing travel restrictions.  
CDLHT's Singapore portfolio (approximately 64.9 per cent by total portfolio valuation) continued to be impacted by the absence of major meetings, incentives, conferences, and exhibitions (MICE) events, large wedding banquets and social functions in FY 2021.

The trust remains optimistic in Singapore's commitment to reopening and returning to normalcy.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Retail, hotel, office S-Reits gain with relaxed Covid rules

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lendlease Global Commercial REIT / Equity Capital Markets

<ul>
<li>Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.</li>
<li>The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
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Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Singapore

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

Fortune REIT is a real estate investment trust that invests in a portfolio of retail shopping malls located in Hong Kong.

Far East Hospitality Trust is a hospitality stapled group comprising Far East H-REIT and Far East H-BT. Far East H-REIT is a Singapore-based real estate investment trust, which invests in hospitality assets and Far East H-BT, a Singapore-based business trust which will be dormant as of the Listing Date.

AIMS APAC REIT is a real estate investment trust. The Trust's principal investment objective is owning and investing in a diversified portfolio of income-producing industrial real estate assets throughout Asia Pacific, including warehousing and logistics, manufacturing, business parks and hi-tech spaces.

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

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.

Cromwell Real Estate Investment Trust is a real estate investment trust with a commercial portfolio of offices and light industrial /  logistics assets across Europe.

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.

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

Champion REIT is a real estate investment trust. The Trust, through its subsidiaries, invests in a wide range of real estate properties, including offices and retail.

Easterly Government Properties, Inc. intends to qualify as a real estate investment trust, or REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential U.S. Government functions.

Sunway Real Estate Investment Trust invests in retail, office, and hotel properties.

Sunway Real Estate Investment Trust (SREIT MK)

Hulic Reit, Inc. is a real estate investment trust which mainly invests in real estate and securitized real estate products. The Company invests mainly in properties which are business offices, commercial buildings and nursing homes.

Paramount Group, Inc operates and manages Class A office properties. The Company provides asset management, leasing, acquisitions, redevelopment and financing. Paramount Group owns properties in New York City, Washington D.C. and San Francisco.

UMH Properties, Inc. is a real estate investment trust.  The trust owns and operates manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio, and Tennessee.

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

NexPoint Residential Trust, Inc. operates as a REIT.  The Company owns and operates real estate properties in the United States, primarily Multi-family in the Southeast and Southwest.

Alexander's, Inc. leases, manages, develops and redevelops real estate properties. The Company focuses on properties in the metropolitan and suburban areas of New York City where its department stores had previously been located. Alexander's owns operating properties and properties undergoing redevelopment.

Charter Hall Retail REIT owns a portfolio of supermarkets and shopping centers located in non-metropolitan areas throughout Australia, New Zealand and the United States.

OUE Commercial Real Estate Investment Trust (“OUE C-REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

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OUE Commercial REIT (OUECT SP)

ASEAN Builder's Scoop (10May22) - AREIT Buys 7 Logistics Props in Chicago at ~5.3% Yield

OUECT looking to buy AUS, London offices; Indo tourist arrivals gradual recovery; Marcos leading Phils election, YTL aims to grow REIT portfolio

SCCM Asia Research

MNACT's Scheme Meeting on 23 May, IFA Opinion

The IFA considers the scheme consideration to be fair. For a 17 August payment, the annualised spread of the cash-only consideration (including...

Arun George

(Non-SGX Report) OUE Commercial REIT - PRICE PERFORMANCE

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail, hotel, office S-Reits gain with relaxed Covid rules

Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward"...

Singapore Exchange Ltd (SGX)

Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering. The deal is very well flagged.

Sumeet Singh

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