Singapore Reits: How to stay relevant when interest rates stay high
Get insights from Stoneweg Europe Stapled Trust’s Simon Garing. Why internal management may trump external management. The impact of higher interest rates. The challenges facing Reits which own overse...
Singapore’s Reit sector turns 25 next year, but higher interest rates have weighed on prices and raised a pointed question: are REITs still worth investing in? Capital has also been flowing towards AI and digital infrastructure, leaving more passive income plays behind.
In this episode of PropertyBT, part of the BT Correspondents family of podcasts, Leslie Yee speaks with Simon Garing, chief executive and executive director of the manager of Singapore-listed Stoneweg European Stapled Trust (SERT). They discuss what Reits can do to earn investors’ attention again.
Why listen
- Internal versus external management SERT has proposed acquiring its manager and its sponsor’s European logistics platform, subject to MAS approval and a shareholder vote. Garing explains how fees paid out of 28 million euros last year could turn into profit that comes back to unitholders.
- Why he likes MAS guardrails Garing argues that gearing limits and disclosure rules help Reits borrow, and explains how SERT has no debt maturing for four years.
- Forward guidance as a signal SERT has told investors to expect a dividend broadly in line with last year. Garing explains why more trusts may follow, and why it matters for mid-cap Reits with thinner analyst coverage.
- Why an overseas portfolio can work in Singapore Garing makes the case for Europe, from freehold assets to strong contract law, and for a Singapore listing.
- Active versus passive Reits Garing says trusts that grow through development and leasing are better placed to trade near book value than those that simply collect rent.
- Data centres and the backlash Garing explains where SERT sees room to build and how planning pushback shapes the strategy.
The conversation is a candid look at what Singapore Reits must do to stay relevant to income investors. Listen now.
Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.
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Written and hosted by: Leslie Yee (lyee@sph.com.sg)
With Simon Garing, CEO and Executive Director, Stoneweg Europe Stapled Trust (SERT)
Edited by: Howie Lim & Claressa Monteiro
Produced by: Leslie Yee, Rachna Raghu & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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BT Correspondents brings together some of The Business Times’ most trusted columnists in a single series. Featuring Mark to Market, WealthBT, TransportBT, and PropertyBT, weekly episodes deliver expert analysis and clear perspectives on stocks, wealth, mobility, and real estate. It is essential listening for professionals who want context, clarity, and depth.
