--- title: S-REITs - Week 2 - 2025 description: Weekly recap of S-REIT updates, including Stoneweg European REIT's portfolio growth, Manulife US REIT's valuation decline, and Suntec REIT's revised takeover offer. --- [Skip to content](https://reitsavvy.com/insights/s-reits-week02-2025#main-content) [![op can-4](https://reitsavvy.com/hs-fs/hubfs/op%20can-4.png?width=7114&height=2442&name=op%20can-4.png)](https://reitsavvy.com/) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) ![menu-toggle](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-toggle.svg) ![menu-close](https://21645388.fs1.hubspotusercontent-na1.net/hubfs/21645388/menu-close.svg) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) - [Home](https://reitsavvy.com) - [What's a REIT](https://reitsavvy.com/what-is-reits) - [S-REITs Overview](https://reitsavvy.com/s-reits-overview) - [REITsavvy Subscription](https://reitsavvy.com/reits-screener) - [REITsavvy Screener Login](https://screener.reitsavvy.com/) - [REITsavvy Insights](https://reitsavvy.com/insights) - [Events](https://reitsavvy.com/events) - [About Us](https://reitsavvy.com/about-us) [S-REIT Weekly Recap](https://reitsavvy.com/insights/tag/s-reit-weekly-recap), [2025](https://reitsavvy.com/insights/tag/2025) # S-REITs - Week 2 - 2025 [By- REITsavvy Team,](https://reitsavvy.com/insights/author/reitsavvy-team) ![2025_ReitSavvy_Banner](https://reitsavvy.com/hs-fs/hubfs/2025/2025_ReitSavvy_Banner.png?width=762&height=278&name=2025_ReitSavvy_Banner.png) A huge thank you for your incredible support in making the SGX 2025 event an outstanding success! We hope everyone who attended left with fantastic insights from the experts about the exciting REIT market trends to watch out for this year. Let's have a quick dive into this week REITs update from Stoneweg European REIT, Manulife US REIT, Suntec REIT **S-REITs Recap - Week 2** ** 6 Jan - 12 Jan 2025** | **Stoneweg European REIT** | | --- | | **( YTD: +0.63% \| 5D: +0%) formerly known as Cromwell European REIT** | |  8 Jan - Stoneweg European REIT's Portfolio Valuations Continue To Rise Amidst Stabilising Yields And Market Rent Growth - 0.3% higher like-for-like for the six months to 31 December 2024 - Proforma unaudited €2.05 NAV/UNIT as at 31 December 2024 - Proforma net gearing 40.2% as at 31 December 2024 For more information, please click [here](https://investor.stonewegeuropeanreit.com.sg/newsroom/20250108_072910_CWCU_A0QK6BJ97PS6YMQP.1.pdf) 10 Jan - S&P Global Ratings: Stoneweg European Real Estate Investment Trust Assigned 'BBB-' Rating; Outlook Stable - Stoneweg European Real Estate Investment Trust (SERT) will likely deliver stable operating performance and cash flow over the next 24 months, with support from good-quality and geographically diversified logistics and industrial (L&I) and office properties. The REIT's modest scale and exposure to markets with weaker sentiment temper these strengths. - We expect the REIT to manage its financial leverage prudently during asset enhancement or redevelopment work, while continuing to pivot to the L&I sector. - On Jan. 10, 2025, S&P Global Ratings assigned its 'BBB-' long-term issuer credit rating to SERT - The stable outlook reflects SERT's sound portfolio quality and good cash flow visibility over the next 12-24 months. We expect the REIT to maintain EBITDA interest coverage of 2.6x-2.8x and a debt-to-EBITDA ratio of 7.6x-7.8x in 2025-2026. We assess the subordinated perpetuals as having intermediate equity content. For more information, please click [here](https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3306619) | | ** Manulife US REIT** | | --- | | **( YTD: +0% \| 5D: -6.32%)** | | 10 Jan - Manulife US REIT Portfolio Valuation Decline - The Manager has obtained independent valuations for the properties owned by Manulife US REIT as at 31 December 2024 (the “Independent Valuations”) - The real estate valuation of the portfolio has declined by 9.3% or US$116.6 million to US$1,137.2 million (versus US$1,253.8 million as at 31 December 2023)  For further information, please click [here](https://investor.manulifeusreit.sg/newsroom/20250110_073017_BTOU_UPIV14GETMCQ2863.1.pdf) | | ** Suntec REIT** | | --- | | **( YTD: +3.42% \| 5D: +0%)** | | 9 Jan - Aelios Revise Takeover Offer from SGD$1.16 to SGD$1.19 For further information, please click [here](https://suntecreit.listedcompany.com/newsroom/20250108_211910_T82U_2J1EA76XNJIBN8MH.1.pdf) | | **The REITsavvy 2024 Annual Review** | | --- | |   **Singapore REITs in 2024: Navigating a Challenging Landscape** --- The year 2024 presented a challenging landscape for S-REITs, despite the Federal Reserve's efforts to stimulate the economy through a series of rate cuts. While a total of 100 basis points were cut throughout the year, beginning in September 2024, the positive impact on S-REITs remained elusive. Read the full article - click [here](https://reitsavvy.com/insights/the-reitsavvy-2024-annual-review) | | **STI Index constituents** | | --- | | **REITs in STI** | | Frasers Centrepoint Trust 18 Mar 2024 | | CapitaLand Ascendas REIT | | CapitaLand Integrated Commercial Trust  | | Frasers Logistics & Commercial Trust | | Mapletree Industrial Trust | | Mapletree Logistics Trust | | Mapletree Pan Asia Commercial Trust | |   | | **REITs in STI Reserve List** | | Keppel DC REIT | | Keppel REIT | | Suntec REIT | | **REITracker Highlights** | | | --- | --- | | **REIT Name** | **Status** | | Keppel Pacific Oak US REIT | Halt Dividend since 14 Feb 2024 | | Manulife US REIT | Halt Dividend since 14 Aug 2023 | | Sabana REIT | Proposed Internalization is in progress since 17 Aug 2023 | | Lippo Malls Indonesia Retail Trust | Halt Dividend since 20 Mar 2023 | | EC World REIT | Halt Trading since 31 March 2023 | | Eagle Hospitality Trust | Halt Trading since 24 March 2020 | | **Exclusive REITsavvy Newsletter** | | --- | ##### Gain financial insights on REITs in minutes The newsletter that keeps you up-to-date on REITs in minutes.   ![op can-4](https://reitsavvy.com/hubfs/op%20can-4.png) **[Insights](https://reitsavvy.com/insights)** **[REITs Screener](https://screener.reitsavvy.com/)** Unless otherwise specified, all return figures shown above are for illustrative purposes only, are not actual customer or model returns and are not indicative of future performance or results. 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