First REIT Sells Its Korean Property

News about First REIT

Despite suffering heavily from its lack of diversification and excessive dependence on its main tenant, leading to a painful lease renegociation and rights issue, First REIT is announcing the sale of its single South Korean property. The asset, Sarang Hospital in Yeosu City, is being divested for about US$4.52 million:

The Divestment is not expected to have any material impact on the net tangible assets or distributions per unit of First REIT and its subsidiaries for the financial year ending 31 December 2021.

First REIT
Price0.255 SGD
NAV0.351 SGD
Yield (4 quarters)12.35%
Gearing34.7%