4 Singapore REITs That Announced Acquisitions and Divestments: Are They an Attractive Buy?

The Smart Investor

2024/10/23

The REIT sector is seeing some respite from the barrage of bad news in the past two years.A combination of high interest rates and soaring inflation had dampened demand for the asset class as ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Singapore REITs That Announced Acquisitions and Divestments: Are They an Attractive Buy?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-23 09:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/4-singapore-reits-that-announced-acquisitions-and-divestments-are-they-an-attractive-buy/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The REIT sector is seeing some respite from the barrage of bad news in the past two years.A combination of high interest rates and soaring inflation had dampened demand for the asset class as ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/4-singapore-reits-that-announced-acquisitions-and-divestments-are-they-an-attractive-buy/\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6133","symbol_name":"工业房地产信托","start_time":0,"source_url":"https://thesmartinvestor.com.sg/4-singapore-reits-that-announced-acquisitions-and-divestments-are-they-an-attractive-buy/","article_id":"2477080313","we_media_id":null,"thumbnails":[],"rights":{"source":"thesmartinvestor_highlight","url":"https://thesmartinvestor.com.sg/4-singapore-reits-that-announced-acquisitions-and-divestments-are-they-an-attractive-buy/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2477080313","pubTimestamp":1729648315,"columns":[],"sourceInfo":{"source_id":"thesmartinvestor_highlight","name":"The Smart Investor"},"weMediaInfo":null,"summary":"These four REITs engaged in capital recycling activities aimed at rejuvenating their portfolios.","collect":0,"end_time":0,"defaultTopTitle":"thesmartinvestor.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6133":"工业房地产信托","BUOU.SI":"星狮物流工业信托","BK6089":"酒店及度假村房地产投资信托","HMN.SI":"凯德雅诗阁信托","BK6512":"房地产股","BK6082":"工业房地产投资信托","A17U.SI":"凯德腾飞房产信托","BK6129":"酒店及度假村房地产信托","J85.SI":"城市酒店信托","BK6523":"ESG概念"},"translate_title":"4家宣布收购和撤资的新加坡房地产投资信托基金：它们是否有吸引力？","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"J85.SI":1,"BUOU.SI":1,"HMN.SI":1,"A17U.SI":1},"content_text":"The REIT sector is seeing some respite from the barrage of bad news in the past two years.A combination of high interest rates and soaring inflation had dampened demand for the asset class as distributions tumbled across the board.However, REIT managers have been busy with capital recycling activities to mitigate the impact of these headwinds.Such activities involve a combination of acquisitions, asset enhancement initiatives, and divestments aimed at rejuvenating the REIT’s portfolio of properties.Here are four Singapore REITs that recently announced capital recycling activities that an income investor may be interested in. CapLand Ascott T CapitaLand Ascott Trust, or CLAS, is a hospitality trust with a portfolio of 102 properties comprising more than 18,000 units in 45 cities across 16 countries.CLAS’s assets under management (AUM) stood at S$8.5 billion as of 30 June 2024.Earlier this month, the hospitality trust announced the divestment of Citadines Karasuma-Gojo Kyoto in Japan for around JPY 6.18 billion (about S$53.1 million).The property comprises 124 units and was sold at 40.1% above its book value.The exit EBITDA (earnings before interest, taxes, depreciation and amortisation) yield of the property was just 0.3%.CLAS will receive net proceeds of S$37.8 million and will recognise a gain on disposal of S$8 million.This divestment is part of the trust’s active portfolio reconstitution strategy where divestment proceeds are redeployed into higher-yielding investments to help grow the portfolio’s distributions.Despite the divestment, Japan remains a key market for CLAS and CEO Serena Teo said that the trust will continue to seek opportunities to strengthen its portfolio in the country. CDL HTrust CDL Hospitality Trusts, or CDLHT, is also a hospitality trust with a portfolio of 20 properties comprising 4,820 hotel rooms, 352 build-to-rent apartment units, and a retail mall.The trust’s AUM stood at around S$3.3 billion as of 30 June 2024.Just last week, CDLHT announced the acquisition of Hotel Indigo Exeter which will help to expand its presence in the UK.Hotel Indigo Exeter is a freehold, upscale lifestyle boutique hotel that also has two retail units and is located along Exeter’s High Street.The purchase price for the property was £19.4 million which was slightly lower than an independent valuer’s appraisal of £19.5 million.The hotel has 104 rooms and is equipped with luxurious spa and gym facilities.The existing leases on the retail units will continue until 2033 on a fixed rent basis.This acquisition will be funded by debt and CDLHT’s pro forma gearing will increase from 37.7% to 38.4%.This purchase will be accretive to distribution per stapled security once the asset has been stabilised. Frasers L&C Tr Frasers Logistics & Commercial Trust, or FLCT, is an industrial and commercial REIT with a portfolio of 112 properties across five markets – Singapore, The UK, Germany, Australia, and the Netherlands.The REIT’s AUM stood at around S$6.9 billion as of 30 June 2024.Last week, FLCT announced its maiden acquisition of a prime logistics property near the Tuas mega port in Singapore for S$140.3 million.The property is a modern six-storey ramp-up logistics facility with an occupancy rate of 85.8% and a weighted average lease expiry of around 1.8 years as of 30 September 2024.The asset will benefit from rent escalations in the future and post-acquisition, FLCT’s Singapore exposure will increase from the current 9.8% to 11.6%.This acquisition will be yield-accretive and is expected to increase the REIT’s distribution per unit (DPU) for the first half of fiscal 2024 (1H FY2024) by 1.7% from S$0.0348 to S$0.0354.FLCTs pro forma gearing will increase from 32.7% to 34.1% upon completion of the acquisition, which should take place by the first quarter of fiscal 2025.The manager is making its first industrial property acquisition in Singapore and will give FLCT an opportunity to own a prime logistics asset in a highly sought-after market.With its proximity to Tuas mega port, the property should also benefit from an anticipated spike in demand for logistics facilities. CapLand Ascendas REIT CapitaLand Ascendas REIT, or CLAR, is Singapore’s oldest industrial REIT with a portfolio of 229 properties across three segments – business space and life sciences, industrial and data centres, and logistics.The REIT’s AUM stood at S$16.9 billion as of 30 June 2024.Two weeks ago, CLAR announced the sale of 21 Jalan Buroh in Singapore to GDS IDC Services Pte Ltd for S$112.8 million.The sale consideration is more than double of the REIT’s original purchase price of S$58.4 million back in June 2006 and is also a premium to two independent market valuations obtained of S$67.5 million as of 1 July 2024.The estimated net proceeds will be around S$102.9 million.Assuming the divestment was completed on 1 January 2023, the REIT’s DPU for 2023 would have declined by S$0.00085.If the net proceeds were used to pay down debt, CLAR’s aggregate leverage will reduce from 37.9% to 37.4%.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}