Singapore REITs double their overseas investment to US$12bil

A US$3.1bil (RM12.97bil) merger of Mapletree Commercial Trust with Mapletree North Asia Commercial Trust proposed last month is the latest in a series of moves that have seen managers long comfortable with a domestic presence favour a more global footprint.(File pic shows Singapore's iconic Merlion with the business district in the background)

SINGAPORE: Singapore’s property managers are accelerating their push abroad as a slow reopening and diminishing returns at home force them to look for growth opportunities elsewhere.

Foreign acquisitions by real estate investment trusts (REITs) in the city-state jumped to an all-time high of 61 last year, data compiled by Bloomberg showed. The total value of such deals also more than doubled from 2020 to US$12.3bil (RM51.47bil).