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Singapore-listed Elite Commercial REIT sank to its 52-week and all-time low during the trading period that began on 24 April, after it became apparent that the REIT's credit metrics are deteriorating further.

The REIT, which exclusively invests in a portfolio of UK office assets, provided its business updates for 1Q 2023 on 27 April.

In these updates, the REIT reported that it has achieved rental uplifts as high as 21% for leases that are commencing on 1 April 2023.

Related: Elite Commercial REIT faces more headwinds amid weak credit metrics