SINGAPORE (Apr 14): While several of Singapore’s Real Estate Investment Trusts (S-REITs) are feeling the heat of movement control orders, RHB Group Research is optimistic that Keppel Pacific Oak US REIT (KORE) can stand the test of the ongoing Covid-19 pandemic.

“Covid-19’s impact on KORE’s office portfolio is mitigated by a diversified asset/tenant base and a reasonably long portfolio weighted average lease to expiry (WALE) of more than 4 years,” says analyst Vijay Natarajan in an April 13 report.

“While office demand is expected to take a near-term hit, we expect demand in tech markets – to which KORE has most exposure – to hold up relatively well,” he adds.

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