THIS ISSUE
Cover Story
Outlook
04
29
Market Outlook 2019:
Australia and Japan Take Lead
Hong Kong Office REITs with exposure to non-CBD
locations and Singapore Industrials seen withstanding
headwinds in wider economy
Te c h n o l o g y
PAG-Spring takeover battle brings REIT
shareholder activism to new heights
25
REIT AsiaPac spoke to Broderick Storie, PAG Real Estate
Partner, and Kevin Leung, Spring REIT Managing Director,
to bring unique insights into this milestone in shareholder
activism about the REIT structure in Asia Pacific.
Legislation
Will Tokenisation Disrupt The REIT
Industry?
12
Tokenisation is maturing with some ventures
succeeding in the most challenging aspect —
compliance. But what are the hurdles preventing
its full-scale adoption?
Fe a t u r e
Japan REITs Step Up ESG initiatives,
but Corporate Governance Still Lags
32
Links between the manager of the REIT and its major
shareholder (sponsor) spark management fee and
related party-transaction debate. Invincible defends
its stance.
22
Lippo Group’s bribery probe and
liquidity risk put investors on edge
Malaysian REITs Structure Strategies to
Overcome Tough Market Conditions
Proceeds from Lippo Karawaci’s asset
sales will only provide temporary relief.
Longer-term, the establishment of the world’s first
airport REIT will be transformative for the industry.
Market
19
J-REITs Secondary Offerings Unfairly
Impact Issuer and Investors
Directory
36
Unit price falls about 4% from the closing on
secondary offering announcements.
All the information herein is intended to be for information purposes only. All details are
approximate and have not been independently verified. Readers should make their own enquiries
to verify and satisfy themselves of all aspects of the information. While the information has
been prepared in good faith with due care, REITAsiaPac, its officers, employees, subcontractors,
agents and clients shall not be liable for any loss, liability, damage or expense arising directly or
indirectly from or connected in any way with any use or reliance on such information. No part of
this magazine may not be reproduced without permission from REITAsiaPac.
2
信報書角
3
Asia Pacific REITS by Country
L E T U S K N OW W H AT YO U TH I N K
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FOR S PON S OR SH I P S A N D CO N TR I B U TI O N S
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