Size matters when it comes to REITs. In the last twelve months alone, there have been no less than three REIT mergers. OUE Commercial REIT (SGX: TS0U) merged with OUE Hospitality Trust in September last year, creating a S$6.9 billion REIT. Next in line came the merger between Frasers Logistics and Industrial Trust and Frasers Commercial Trust to form a new REIT named Frasers Logistics and Commercial Trust (SGX: BUOU) with around S$4.2 billion in market capitalisation. The third merger, still to be concluded, involves two of the oldest REITs listed on the stock exchange, CapitaLand Mall Trust (SGX: C38U) and CapitaLand Commercial Trust (SGX: C61U) to form a new REIT called CapitaLand Integrated Commercial Trust. And now, a fourth merger has been announced, between ESR-REIT (SGX: J91U) and Sabana REIT (SGX: M1GU). This wave of mergers signals the need for REITs to consolidate their operations to achieve...