Singapore-listed Healthcare REIT First Real Estate Investment Trust (First REIT) (SGX:AW9U) has entered into long term agreements for lease on two of its nursing home properties in Singapore.
The properties in question are Number 6 Lengkok Bahru and Number 21 Senja Road with similar existing tenants Pacific Healthcare Nursing Home for a term of 10 years. Both leases are now set to expire in April 2027. The deal is being managed by HSBC Institutional Trust Services as trustee for First REIT.
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| The new leases extend the tenancy of Pacific Healthcare Nursing Home all the way to April 2027. |
Singapore is one of the world's most rapidly ageing population and the demand for quality nursing homes for the elderly is expected to remain robust. With a property portfolio that includes 3 nursing homes in Singapore, First REIT is one of the vehicles of choice for the investor who wishes to ride on the demand for nursing homes in the city state.
Units of First REIT closed 3 percent lower from its previous close of S$1.25 on the Singapore Exchange.