Lippo Malls Indonesia Retail Trust and IREIT Global, in which Chinese tycoon Tong Jinquan owns stakes of more than 4.8%, are raising money to fund acquisitions in Indonesia and Spain. Keppel REIT and Ascendas REIT both bought office properties in Australia in September.
Singapore has established itself as a hub for real estate investment trusts over the past two decades. Now, following the initial blow from the Covid-19 outbreak, its REITs are slowly coming back to the market with a mission: resume their global expansion.
Gordon Tang and his wife Celine, who have one of the biggest REIT stakes in Singapore, are among those leading the charge. Suntec Real Estate Investment Trust, of which they own about one-tenth, completed the acquisition of a 50% holding in a London property last month, finalizing a 430.6 million pound ($761.7 million) deal that had been put on hold with the pandemic.
