REITs: Positive inflection point for offices in sight?
- UBS opines that office REITS are regaining interest despite downward rental pressure
- this is due to an increasing number of transactions buoying prices
- pre-commitment for new office space is also on the rise - seen at Guoco Tower and Marina One
- UBS' top pick for sector exposure is CapitaLand Commercial Trust (CCT)
- the positive bias is in line with Maybank KE, which upgraded CCT and Keppel REIT to Buy earlier this month:
- Maybank KE- CCT: TP raised to $1.81 from $1.52 on target yield of 5%
- Maybank KE - Keppel REIT: TP raised to $1.21 from $1.05 on target yield of 5.25%
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