The performance of Singapore Real Estate Investment Trusts (S-REITs) in April 2025 was marked by significant movements, reflecting the broader volatility in global markets. The iEdge S-REIT Index declined by 1.9% over the month, slightly outperforming the Straits Times Index (STI)’s drop of 2.3%. Furthermore, S-REITs outperformed the FTSE EPRA Nareit Global REITs Index, which saw a more substantial decline of 3.0%.
Within the 30 constituents of the iEdge S-REIT Index, the performance in April was mixed, with 22 decliners and 8 gainers. The three biggest decliners for the month were $ManulifeReit USD(BTOU.SI)$ $Mapletree Log Tr(M44U.SI)$ $ESR-REIT(J91U.SI)$. On the other hand, the three strongest performers were $Frasers HTrust(ACV.SI)$ $Frasers Cpt Tr(J69U.SI)$ $CapLand IntCom T(C38U.SI)$.
The performance in April 2025 was non-linear with considerable fluctuations in the market. The iEdge S-REIT Index experienced a decline of 10.5% from the end of March to April 9, followed by a rebound of 9.5% from April 9 to April 30. These movements tracked the volatility observed in global markets, as investors weighed tariff developments.
All 30 constituents of the iEdge S-REIT Index recorded gains over the three weeks from April 9 to 30. The three biggest gainers were $Prime US ReitUSD(OXMU.SI)$ $CapLand China T(AU8U.SI)$ $Frasers HTrust(ACV.SI)$. The top 10 performers in the iEdge S-REIT Index over the past three weeks also mostly saw net institutional inflows, with a combined S$23.2 million in net institutional inflows.
Despite the tumultuous month, S-REITs have managed to stay in the green year-to-date, with a total return of 0.8%. This performance stands out positively against the FTSE EPRA Nareit Global REITs Index, which is down by 3.0% over the same period. Around half the iEdge S-REIT Index constituents have delivered positive total returns for the year-to-date. Top three gainers for the first four months of 2025 were $ParkwayLife Reit(C2PU.SI)$ , $CapLand IntCom T(C38U.SI)$ $Frasers HTrust(ACV.SI)$ .
April also saw notable fund flows in the S-REITs market. Institutional investors were net sellers, with a total net selling amount of S$90.3 million, while retail investors also net sold, amounting to S$54.6 million.
The REITs that experienced the largest outflows from institutional investors included $Mapletree Log Tr(M44U.SI)$ , $Mapletree Ind Tr(ME8U.SI)$ and $ESR-REIT(J91U.SI)$ . Meanwhile, the REITs that saw the largest outflows from retail investors were $CapLand IntCom T(C38U.SI)$ , $Frasers Cpt Tr(J69U.SI)$ , and $CapLand Ascendas REIT(A17U.SI)$ .
Conversely, certain REITs managed to attract net buying from both institutional and retail investors.
Earlier in the week, $Stoneweg Reit EUR(CWBU.SI)$ announced that it has successfully obtained unitholders’ approval for the proposed stapling to form the Stoneweg European Stapled Trust – comprising of Stoneweg European REIT and Stoneweg European Business Trust. The proposed stapling is aimed at allowing the trust to remain a competitive edge by offering enhanced tax efficiency, flexibility for future operations and broader scope for future investments.
The trust’s strategy, mandate, and asset class focus remain unchanged. However, the business trust can undertake development projects but with no intention to increase development exposure to above 10% on a long-term basis. The trust remains committed to maintaining a 35 to 40% medium-term aggregate leverage target, with a ceiling of 45%.
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