S-REITs - Week 2 - 2025

( 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

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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.

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( 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) 

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( YTD: +3.42% | 5D: +0%)

9 Jan - Aelios Revise Takeover Offer from SGD$1.16 to SGD$1.19

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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.

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