SINGAPORE (Oct 20): Jefferies is maintaining its “buy” call with a target price of $1.35 for Keppel REIT as the REIT continues to focus on tenant retention.

It notes Keppel REIT’s high tenant retention rate of 90% for its Singapore assets in 3Q is commendable, despite the supply glut driven by upcoming and existing buildings.

Moreover, about 70% of Keppel REIT’s total leases are not due for renewal till 2018 and beyond.

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