Singapore

IF First Reit's restructuring and recapitalisation exercise proves successful, the manager intends to diversify its portfolio into new geographies - including nursing homes in Japan, hospitals in China and Myanmar, and other healthcare assets in Europe, the United Kingdom and Australia - with the help of its new sponsor's network.

This comes after having learnt a hard lesson about the risk of high tenant concentration in a single entity. First Reit is seeking approval from unitholders for a lease restructuring with Lippo Karawaci (LK), which, along with its subsidiaries, contribute about four-fifths of the Reit's rental income and has in recent years faced increasing liquidity pressures.