DBS has slashed its target price on Suntec REIT, posting to the impending divestment of strata units, higher vacancy, and higher refinancing costs in FY2024.
Suntec REIT is a Singapore-heavy landlord of mostly Grade A office spaces and it also has a portfolio of assets in Australia and the UK.
The REIT recently reported a 14% year-on-year decline in its 3Q 2023 distribution per unit.
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