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Moreover, it believes that CICT will see a recovery in distribution per unit in 2021 with earnings upside as the REIT leverages added development capacities into value-accretive asset enhancement initiatives and redevelopment opportunities. Improvement in the retail industry will be an additional boost too.
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Shopper traffic has remained stable since Phase 2’s reopening as tenants’ sales have gradually improved, returning to 89% of pre-Covid-19 levels, versus 85% in 1H20, it says. “…there’s optimism as the rent-relief cycle seen in 3Q20 has peaked, and tenants expanding again in 2021-22,” Maybank KE analyst Chua Su Tye writes in a note dated Dec 15. As at 11.52 am, CICT was down 3 cents or 1.4% at $2.11 with 6.7 million shares changed hands.