Smaller investment landlords drove acquisition activity in 3Q

Total acquisition value for 3Q is estimated to reach $182m, far exceeding the $66m in 2Q.

OCBC Investment Research observes that there was a pickup in investment activity during the period. The most active REIT was Cambridge Industrial Trust, which announced the proposed acquisitions of Teban Gardens Crescent, 30 Marsiling Industrial Estate Road 8, and 11 Woodlands Walk for an aggregate consideration of S$97.3m.

With just days to the close of 3Q, it estimates that the total subsector acquisition value for 3Q will be at S$182.9m. This significantly exceeds the S$66.0m acquisition size clocked in 2Q, albeit still lower than the S$678.2m value registered in 1Q.

Here's more from OCBC:

We are currently maintaining our view that the subsector acquisition activity is likely to be skewed more towards
smaller REITs.

We also believe that further acquisitions in the industrial space may possibly involve a combination of debt and equity, given that the subsector aggregate leverage is set to increase after funding committed acquisitions.

In addition, some REITs (e.g. Ascendas REIT and Mapletree Logistics Trust) have also turned to capital recycling via divestments to enhance their portfolio returns, in line with our expectations.

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