Asia-Pacific Reits gain 18% in first four months of year

Asia-Pacific Reits gain 18% in first four months of year

Property trusts across the Asia-Pacific have performed impressively in recent months, led by a surge in the value of Japanese real estate investment trusts (Reits).

Reits in Japan gained 29.8 per cent in the first four months of this year, pulling up the region to an overall gain of 18.1 per cent in the same period.

Singapore Reits were the next best performers, with a 14.7 per cent gain in the January to April period this year. Reits in Australia posted a 14.2 per cent rise, Hong Kong's logged a 14 per cent gain and Taiwan's added 12.1 per cent. Malaysia Reits followed with an 8.3 per cent increase.

This is according to an index of 114 Asia-Pacific Reits compiled by Thomson Reuters, non-profit industry group Asia Pacific Real Estate Association (Aprea) and index creation specialist Global Property Research.

The latest data means the overall TR/GPR/Aprea Composite Reit index has risen 37.8 per cent over the last 12 months ended April 30, the three organisations said on Tuesday.

Apart from recording the biggest gains, the Reit markets in Japan and Singapore were also among the most active recently.

New Reit listings in Japan this year included Tokyu Land's Comforia Residential Reit and Nippon Prologis Reit.

In Singapore, the two biggest initial public offerings so far this year have been Reits: the $1.6 billion Mapletree Greater China Commercial Trust, which started trading in March, and the $383 million Croesus Retail Trust, which debuted this month.

Malaysia's biggest Reit, KLCC Property Real Estate Investment Trust, was also relisted this month.

The trust is a stapled Reit that bundles existing shares of KLCC Property, which owns the iconic Petronas Twin Towers in Kuala Lumpur, with units of KLCC Reit.

As of April 30, the total value of the 114 Reits in the regional index stood at US$252.4 billion (S$316.2 billion), said Mr Peter Mitchell, chief executive of Aprea.

Excluding Reits in Australia and New Zealand, the market capitalisation of the remaining 88 Asian Reits would be US$151 billion, he added.

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