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CapitaLand Ascott Trust divests Japan asset: REITs Weekly Watch

CapitaLand Ascott Trust divests Japan asset: REITs Weekly Watch

What happened?

An index of Singapore REITs fell in the past week, as government bond yields moved higher on strong US economic data. Investors moderated their expectations of sharp interest rate cuts by the US Federal Reserve following stronger than expected inflation data. 

The CSOP iEdge S-REIT Leaders Index ETF closed at S$0.801, losing 2.4% from its close in the previous week of $0.82.

REITs with US exposure rebounded slightly after a sharp sell-off in the previous weeks, while resilient economic data eased concerns about US commercial property. 

On the other hand, REITs with China exposure saw profit-taking, after China’s economic planning agency disappointed investors with a lack of fresh stimulus measures at its press conference this week. 

singapore reit performance 12 oct 2024

Singapore REITs Top Performers

REITs Top Performers 11 oct 2024

Singapore REITs Worst Performers

REITs Worst Performers 11 oct 2024

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REIT news of the week

  • Capitaland Ascott Trust divests Citadines Karasuma-Gojo Kyoto in Japan for JPY6.18 billion, at 40.1% above book and an exit EBITDA yield of about 0.3%. It will book net disposal gain of S$8.0 million.
  • ESR-Logos REIT launches a preferential offering of 4 for 100 units at S$0.305, above the last close of S$0.275, to raise S$94 million. ESR Group Ltd undertakes to subscribe up to S$88.2 million, and Ivanhoe Cambridge Asia will be issued up to S$5.8 million of consideration units.
  • Digital Core REIT secured US$716 million of loan facilities to refinance existing debts and for working capital. This pushes out the debt maturity out to mature in 2029/2030.
  • Frasers Hospitality Trust no longer qualify as a withholding managed investment trust status in Australia after TCC Assets raised its effective stake to more than 10%. This would imply pro-forma decline in FY23 distributable income of S$1.3 million or 2.5%, and net asset value of S$22 million or 1.7%. Distributions will be subjected to withholding tax of 37.5%, from current 15%. 

The Big Important Story 

3 Singapore REITs with dividend yields above 6%. Are they a good buy?

These three Singapore REITs boast strong sponsors and an attractive distribution yield.

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Blog Posts on Singapore REITs 

Credit to Vince from REIT-Tirement for compiling Singapore REIT blog posts and videos

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