REITs are probably still the best friends of bankers. So far this year, S-REITs have raised around $3.7 billion in equity and quasi-equity such as perpetual securities or perps. This does not include the perps that were issued to refinance those that were called by Ascendas REIT and Keppel REIT which was announced on Sept 7.

On Sept 30 though, Keppel REIT had issued an additional $150 million of perps (see table). Altogether, Keppel REIT issued $300 million of perps, out of which $150 million was used to refinance the series that had a call date this year.

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