First REIT's Pacific Healthcare Nursing Home II. (Photo: Google Maps)

First REIT has described its exercise to buy back perpetual securities as having been met with a “positive reception”.

The exercise saw First REIT launch a tender offer to buy back SGD60 million in Series 002 subordinated perpetual securities in cash at 70% of the principal amount.

Related: First REIT further explains rationale to buy back perpetual securities

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.