SINGAPORE (Dec 13): OCBC Investment Research is maintaining its “hold” call on First REIT with a lower fair value of $1.05 from $1.34 previously, after factoring in various risks pertaining to the REIT’s master leases and portfolio balancing.  

To recap, OUE Lippo Healthcare (OUE LH) recently acquired a 10.6% stake in First REIT from its sponsor, Lippo Karawaci (LK), as well as acquired the REIT manager from LK in a 40-60 split between OUE LH and OUE Limited.

This means First REIT will now have an enlarged pool of Right of First Refusal (ROFR) assets comprising both OUE LH and LK’s healthcare assets.

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