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08-07-2008, 09:45 PM

abhinav2492 abhinav2492 is offline

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REITS declines on Morgan Stanley downgrade

Singapore real estate investment trusts, such as CapitaCommercial Trust fell by as much as 5 percent after Morgan Stanley downgraded the industry to "equal-weight" and lowered CapitaCommercial Trust target price to S$1.86 from S$2.42.

Morgan Stanley downgraded Reits like CapitaCommercial Trust, CapitaMall Trust and Suntec Reit, but maintained an "overweight" rating for Ascott Residence Trust.

According to Morgan Stanley, rising interest rates would imply higher hurdle rates for new acquisitions and higher costs of funding for the S-Reit Sector.

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