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.

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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

Capitaland India Trust / Equity Bottom-Up

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 <img src='https://api2.sgx.com/sites/default/files/2021-08/Capture_14.PNG' alt='Recent SREIT' />
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 <div class='content-caption'>Recent SREIT</div>
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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

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

<div>
Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered the listing and previous placements for KDC in our earlier notes:
</div><div><ul style="list-style-type: disc;">
<li>Sep 2019 placement for US$273m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-just-in-time-for-the-index-inclusion" target="_blank" rel="noopener">Keppel DC REIT Placement - Just in Time for the Index Inclusion</a>
</li>
<li>May 2018 placement for US$228m: <a href="https://www.smartkarma.com/insights/keppel-dc-reit-placement-accretive-acquisition-and-probably-expected-dilution" target="_blank" rel="noopener">Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution</a>
</li>
<li>IPO: <a href="https://www.smartkarma.com/insights/first-of-its-kind-exposure-to-rapidly-growing-data-centers" target="_blank" rel="noopener">First of its kind exposure to rapidly growing data centers</a>
</li>
</ul></div>


Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the recent acquisition of its first China data centre and to pay down debt. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered the listing and previous placements for KDC in our earlier notes:

Sep 2019 placement for US$273m: Keppel DC REIT Placement - Just in Time for the Index Inclusion

May 2018 placement for US$228m: Keppel DC REIT Placement - Accretive Acquisition and Probably Expected Dilution

IPO: First of its kind exposure to rapidly growing data centers



Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

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 <img src='https://api2.sgx.com/sites/default/files/2021-08/Capture_8.PNG' alt='Institutional investors net fund flow in SREITS' />
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 <div class='content-caption'>Institutional investors net fund flow in SREITS</div>
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<html><body>There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark. 
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period. 
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI. 
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains. 
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021. 
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021. 
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021. 
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3. 
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021. 
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021. 
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results. 
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy. REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/institutional-investors-return-to-s-reits-in-q32021">read </a>the original version.</body></html>


      
    
    Institutional investors net fund flow in SREITS

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark.  
The seven S-Reits generated an average total return of 5.2 per cent in the third quarter-to-date till Aug 5, outperforming the STI which gained 1.6 per cent over the same period.  
Keppel DC REIT (+6.8 per cent), Ascendas REIT (+6.8 per cent) and Mapletree Industrial Trust (+6.1 per cent) were the top three S-REITs performers in the STI.  
The sector's outperformance was not limited to S-Reits within the STI, but also extended to the broader S-Reits and property trusts sector in Singapore. The iEdge S-Reit Index generated a total return of 3.6 per cent since the end of June, which is more than double that of the STI's 1.6 per cent gains.  
In July 2021, institutional investors were net buyers of the sector with net inflows of S$54.1 million, after being net sellers for six consecutive months in 2021.  
ARA LOGOS Logistics Trust (+S$46.7 million), Keppel REIT (+S$25.8 million), OUE Commercial REIT (+S$19.1 million), Lendlease Global Commercial REIT (+S$17.2 million) and Starhill Global REIT (+S$14.4 million) were the top five S-REITs that received the highest net institutional inflows in the first seven months of 2021.  
Starhill Global Reit (SGReit) announced that its full year gross revenue grew 0.3 per cent year on year (yoy) to S$181.3 million in FY20/21. Its net property income (NPI) increased by 2.0 per cent yoy to S$134.7 million in FY20/21. The Reit's FY20/21 distribution per unit (DPU) grew 33.4 per cent yoy to 3.95 cents. SGReit noted that despite the uncertainty of the Covid-19 situation, its retail portfolio occupancy, based on committed leases, remained stable at 97.5 per cent as at June 30, 2021.  
On Aug 4, Lendlease Global Commercial Reit (LReit) completed the acquisition of 53 per cent interest in Lendlease Jem Partners Fund and will make a further announcement on the status of the acquisition of a 5 per cent interest in Lendlease Asian Retail Investment Fund 3.  
Upon completion of these acquisitions, LReit will hold an effective indirect interest of up to 31.8 per cent in Jem. LReit is scheduled to report its full year financial results on Aug 10, 2021.  
OUE Commercial Reit (OUE C-Reit) reported a 3.1 per cent decline in NPI for 2021 due to the completion of divestment of a 50 per cent interest in OUE Bayfront in March 2021.  
The performance of OUE Bayfront is no longer consolidated and is recognised as share of joint venture results.  
With lower interest expense and including the share of joint venture results from OUE Bayfront, the amount available for distribution to OUE C-Reit's unitholders in H1 2021 was 3.0 per cent higher yoy, translating to a DPU of 1.23 cents, which is 23.0 per cent higher yoy.  REIT Watch is a weekly column on The Business Times, read the original version.


REIT Watch - Institutional investors return to S-Reits in Q32021

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in July

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>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3><table class="table table-striped"><tbody><tr><td style="width: 97.4pt;"> </td><td style="width: 97.4pt;">KDCREIT</td><td style="width: 97.45pt;">MAGIC</td><td style="width: 97.4pt;">ART</td><td style="width: 97.45pt;">KORE (US$)</td><td style="width: 97.4pt;">PREIT</td><td style="width: 97.45pt;">LMRT</td></tr><tr><td style="width: 97.4pt;">Period</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">1Q22</td><td style="width: 97.4pt;">1H21</td><td style="width: 97.45pt;">1H21</td><td style="width: 97.4pt;">2Q21</td><td style="width: 97.45pt;">2Q21</td></tr><tr><td style="width: 97.4pt;">Gross Revenue (S$ m)</td><td style="width: 97.4pt;">68.5 (+7.5% YoY)</td><td style="width: 97.45pt;">103 (+10.0% YoY)</td><td style="width: 97.4pt;">185.0 (-11.2% YoY)</td><td style="width: 97.45pt;">68.38 (-3% YoY)</td><td style="width: 97.4pt;">29.6 (-2.3% YoY)</td><td style="width: 97.45pt;">49.65 (+81.3% YoY)</td></tr><tr><td style="width: 97.4pt;">NPI (S$ m)</td><td style="width: 97.4pt;">62.8 (+6.9% YoY)</td><td style="width: 97.45pt;">78.3 (+14.3% YoY)</td><td style="width: 97.4pt;">82.1 (-7.3% YoY)</td><td style="width: 97.45pt;">40.58 (-3.1% YoY)</td><td style="width: 97.4pt;">27.4 (-2.8% YoY)</td><td style="width: 97.45pt;">31.8 (+148% YoY)</td></tr><tr><td style="width: 97.4pt;">DPU (S$ c)</td><td style="width: 97.4pt;">2.462 (+7.5% YoY)</td><td style="width: 97.45pt;">Not Disclosed</td><td style="width: 97.4pt;">2.050 (+95.2% YoY)</td><td style="width: 97.45pt;">3.16 (+1.9% YoY)</td><td style="width: 97.4pt;">3.38 (+0.7% YoY)</td><td style="width: 97.45pt;">0.09 (-18.2% YoY)</td></tr><tr><td style="width: 97.4pt;">NAV per Unit (S$)</td><td style="width: 97.4pt;">1.21</td><td style="width: 97.45pt;">1.238</td><td style="width: 97.4pt;">1.19</td><td style="width: 97.45pt;">0.82</td><td style="width: 97.4pt;">1.98</td><td style="width: 97.45pt;">0.0955</td></tr><tr><td style="width: 97.4pt;">P/B (x)</td><td style="width: 97.4pt;">2.12</td><td style="width: 97.45pt;">0.83</td><td style="width: 97.4pt;">0.85</td><td style="width: 97.45pt;">0.95</td><td style="width: 97.4pt;">2.38</td><td style="width: 97.45pt;">0.64</td></tr><tr><td style="width: 97.4pt;">Occupancy (%)</td><td style="width: 97.4pt;">98.0</td><td style="width: 97.45pt;">99.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)</td><td style="width: 97.4pt;">Mid-50</td><td style="width: 97.45pt;">90.5</td><td style="width: 97.4pt;">99.7</td><td style="width: 97.45pt;">83.4</td></tr><tr><td style="width: 97.4pt;">Reversion (%)</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)</td><td style="width: 97.4pt;">Portfolio RevPAU: S$60 (-14% YoY)</td><td style="width: 97.45pt;">+5.4</td><td style="width: 97.4pt;">Not Disclosed</td><td style="width: 97.45pt;">3.4</td></tr><tr><td style="width: 97.4pt;">Gearing (%)</td><td style="width: 97.4pt;">36.7</td><td style="width: 97.45pt;">41.8</td><td style="width: 97.4pt;">35.9</td><td style="width: 97.45pt;">37.1</td><td style="width: 97.4pt;">37</td><td style="width: 97.45pt;">42.5</td></tr><tr><td style="width: 97.4pt;">Cost of Debt (%)</td><td style="width: 97.4pt;">1.5</td><td style="width: 97.45pt;">1.87</td><td style="width: 97.4pt;">1.6</td><td style="width: 97.45pt;">2.82</td><td style="width: 97.4pt;">0.56</td><td style="width: 97.45pt;">6.47</td></tr><tr><td style="width: 97.4pt;">1 Yr Fwd Yield (%)</td><td style="width: 97.4pt;">3.91</td><td style="width: 97.45pt;">6.8</td><td style="width: 97.4pt;">4.16</td><td style="width: 97.45pt;">7.77</td><td style="width: 97.4pt;">2.97</td><td style="width: 97.45pt;">5.5 (annualized 1H21)</td></tr><tr><td style="width: 97.4pt;">Debt Hedged (%)</td><td style="width: 97.4pt;">67</td><td style="width: 97.45pt;">82</td><td style="width: 97.4pt;">50</td><td style="width: 97.45pt;">84.7</td><td style="width: 97.4pt;">82</td><td style="width: 97.45pt;">80.6</td></tr><tr><td style="width: 97.4pt;">Target Price</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr><tr><td style="width: 97.4pt;">Rating</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">NA</td><td style="width: 97.45pt;">N/A</td><td style="width: 97.4pt;">N/A</td><td style="width: 97.45pt;">N/A</td></tr></tbody></table>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached) KDCREITMAGICARTKORE (US$)PREITLMRTPeriod2Q211Q221H211H212Q212Q21Gross Revenue (S$ m)68.5 (+7.5% YoY)103 (+10.0% YoY)185.0 (-11.2% YoY)68.38 (-3% YoY)29.6 (-2.3% YoY)49.65 (+81.3% YoY)NPI (S$ m)62.8 (+6.9% YoY)78.3 (+14.3% YoY)82.1 (-7.3% YoY)40.58 (-3.1% YoY)27.4 (-2.8% YoY)31.8 (+148% YoY)DPU (S$ c)2.462 (+7.5% YoY)Not Disclosed2.050 (+95.2% YoY)3.16 (+1.9% YoY)3.38 (+0.7% YoY)0.09 (-18.2% YoY)NAV per Unit (S$)1.211.2381.190.821.980.0955P/B (x)2.120.830.850.952.380.64Occupancy (%)98.099.8 (Festival Walk)92.9 (Gateway Plaza)99.7 (Sandhill Plaza)98.2 (Japan Properties)95.7 (The Pinnacle Gangnam)Mid-5090.599.783.4Reversion (%)NA-34 (Festival Walk)-27 (Gateway Plaza)-4 (Sandhill Plaza)+0.2 (Japan Properties)Portfolio RevPAU: S$60 (-14% YoY)+5.4Not Disclosed3.4Gearing (%)36.741.835.937.13742.5Cost of Debt (%)1.51.871.62.820.566.471 Yr Fwd Yield (%)3.916.84.167.772.975.5 (annualized 1H21)Debt Hedged (%)67825084.78280.6Target PriceNAN/ANAN/AN/AN/ARatingNAN/ANAN/AN/AN/A

ASEAN Builder's Scoop (27Jul21) - KDCREIT Maiden China Acq

Singapore

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.

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Keppel DC REIT (KDCREIT SP)

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)

Keppel DC REIT Placement - Most of the past Deals Have Done Well, Though This Won’t Be Accretive

Keppel DC REIT (KDCREIT SP) plans to raise up to US$151m (S$204m) via a mix of a private placement. The company will use the proceeds to fund the...

Sumeet Singh

REIT Watch - Institutional investors return to S-Reits in Q32021

There are seven S-Reits in the Straits Times Index (STI), making up close to 14 per cent of the benchmark. The seven S-Reits...

Singapore Exchange Ltd (SGX)

Key Singapore Market Moves and Flows in July

The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%,...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (27Jul21) - KDCREIT Maiden China Acq

KDCREIT maiden China acq; MAGIC improvements seen at FW; ART recovery momentum continues; KORE occupancy weakness; PLIFE flattish quarter; LMRT...

SCCM Asia Research

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