Who will be next to merge in the S-Reit universe?

INDUSTRY watchers generally agree that consolidation in the S-Reit sector will continue in 2020, but who will be next?

Of The Business Times' four Reit merger predictions in April 2019 in this column, one has come to pass - that between Ascott Reit and Ascendas Hospitality Trust, while another was half-correct. We predicted Frasers Commercial Trust (FCOT) would merge with Frasers Centrepoint Trust, but it is currently undergoing a proposed merger with Frasers Logistics and Industrial Trust (FLT) instead.

Indeed, the S-Reit universe has been rife with merger and acquisition (M&A) activity, be it incremental stake increases in the manager or Reit vehicle (for example, City Developments' purcha…