News by Gwyneth Yeo

Religare Institutional Research has started Manulife US Real Estate Investment Trust with a “buy” recommendation and target price of 95 US cents, given its exposure to the US office market which continues to recover from the global financial crisis.

Credit Suisse analysts Sakthi Siva and Kin Nang Chik are maintaining their “underweight” rating on Asia Pacific REITs even as valuations have fallen 12% over the past three months and are trading at 1.23 times book value.

The REIT has no refinancing needs until 2HFY18 and an average debt to maturity of 3.4 years.

The 58-storey 419-apartment luxury condominium has reportedly sunk 16 inches into the ground, and is now tilting six inches to one side, according to the lawsuit filed by homeowners in a San Francisco court last month, giving rise to the property’s new nickname, “the leaning tower of San Francisco”.

Following the JV agreement, Keppel Land will hold a 40% stake in the serviced residences and office component of the second phase of Junction City, which will have a GFA of 50,000 sq m.

Overall growth in distributions per unit (DPU) for the Singapore REIT industry remained fairly stable, declining 0.1% during the quarter, compared with 2Q2015.

While VIP gaming revenues had already slowed down since 2014 with China’s slowing economy and graft crackdown, analyst Vincent Khoo noted in a Monday report that mass market gross gaming revenue had followed suit in 2QFY2016, breaking from its steady growth trend from 2QFY2014 to 1QFY2016.

“We think this is the next major infrastructure project that will generate enhanced stimulus and growth effects via improved transportation and connectivity between the two countries.”

The new mortgage facilities are expected to be used to fully repay the REIT’s current bridge loan facilities from John Hancock Life Insurance Company (USA) of US$296 million, and for partially financing the acquisition of the IPO Portfolio.

The unexpected result from the UK referendum may have shaken stock markets globally and caused a temporary collapse of the pound, but JLL believes UK’s fundamentals remain sound and could mitigate the impact on the UK economy.