The S-REIT hub on its 20th anniversary

Goola Warden
Goola Warden3/24/2022 03:11 PM GMT+08  • 5 min read
The S-REIT hub on its 20th anniversary
On the 20th anniversary of S-REITs, Jonathan Yap, CEO, Fund Management, CLI looks back, and forward on S-REIT hub prospects
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As CEO, fund management, at CapitaLand Investment (CLI), Jonathan Yap oversees CLI’s REITs and funds portfolio. Some 21 years ago, he was at Lendlease. In those days, CapitaLand, fresh from a merger between Pidemco Land and DBS Land, was attempting to list its retail mall portfolio as Singapore Property Trust (SPT) to lighten its debt-laden balance sheet.

As it happened, the IPO of SPT was shelved due to its relatively modest yield of 5-plus-%, and a lack of understanding of REITs among retail investors. SPT was repackaged and listed as CapitaLand Mall Trust in 2002. Now, as CICT, it has returned $1.16 per unit since 2011 (see chart), including the pandemic years of 2020 and 2021.

In a recent interview, Yap gamely answered questions on REITs, funds, internalisation and M&A.

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