First Reit units tumble 21.5% after Lippo says it cannot sustain rental support

Singapore

UNITS of First Real Estate Investment Trust (Reit) were sold down on Monday, after its former parent company Lippo Karawaci (LPKR) announced plans to start discussions to restructure its leases as the Covid-19 pandemic renders its rental subsidies to the healthcare Reit "unsustainable".

The units dropped 11.3 per cent during the morning session before a trading halt was called.