This time round, foreign S-REITs are increasingly likely to be casualties of the accelerated pace of rate hikes by the US Federal Reserve. These foreign S-REITs include REITs with US and Chinese assets. For the time being S-REITs with European assets are stressed but not quite distressed yet.
Less than a year ago, the SGX was articulating that high-quality global sponsors - Manulife, Digital Realty and Daiwa - were listing their REITs in Singapore. The SGX has been promoting Singapore as a REIT-listing hub for global assets for some years.
In 2022, as part of celebrating the 20th anniversary of Singapore’s REIT sector, speeches lauding the S-REIT sector also pointed out that S-REITs had weathered the GFC and Covid.
