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Starhill Global REIT hit with forex troubles in Q2
It's bogged down by weak regional currencies.
Starhill Global REIT struggled with foreign exchange woes in the second quarter, a report by CIMB revealed.
Although the group's Singapore portfolio held up well during the quarter, properties in Australia, Malaysia and Japan were nonetheless bogged down by weak foreign exchange rates.
"Singapore assets are holding up in terms of rents and occupancies, but the overseas operations are hit by negative foreign exchange movements. With foreign assets making up 35% of its portfolio, we believe foreign exchange concerns could hamper stock performance in the near term despite its effort to hedge ~50% of A$ and MYR," CIMB said.
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