SINGAPORE (June 18): In a recent report, UBS reminds us that real estate investment trusts venturing abroad for growth is a story that has been told before. In the years before the global financial crisis (GFC), Australian REITs took that path. In roadshows held in April and May, local investment bankers and a handful of REIT managers have articulated that Singapore is small and Singapore REITs (S-REITs) have to venture overseas for growth. Indeed, many have, and by some calculations, overseas assets account for as much as 41% of average geographical exposure by value. 

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