IREIT, on the other hand, has fallen by 15% since the start of the year and has lost 29% over one year. IREIT had an equity fundraising each in July 2023 and July 2021. The FTSE REIT Index is down 11.1% y-o-y and down 8% this year-to-date.
Following Manulife US REIT’s recapitalisation plan that was voted through in December 2023, Singapore now seems “the place to be” compared to US-focused S-REITs for investors.
How about Europe? Two European S-REITs — IREIT Global (SGX:UD1U
) , which was listed in 2014 at 88 Singapore cents, and Cromwell European REIT (CEREIT), listed in 2017 at EUR0.55 — are still trading and reporting distributions per unit (DPU), albeit lower y-o-y. Of the two, CEREIT has performed better by a mile, in large part because it has stopped asking unitholders for more money, preferring instead to recycle properties. Although down 5.7% over one year, it is up around 4.9% this year.
