It was difficult to search for a single candidate to add. But I finally settled on one.
Suntec REIT: While Suntec REIT has a relatively low dividend yield of 5.6%, it has a monetisation story. For every strata office unit it sells or even an office building, it is DPU positive for unitholders.
I personally prefer if Suntec sells off its entire Singapore office portfolio. I believe if it happens Suntec REIT share price will go up by 50%. However, the REIT manager is unlikely to do it because of the fee structure where the manager is paid by the amount of asset value in the REIT and the total net property income (which excludes interest expense). So with more buildings, the Suntec REIT manager ARA/ESR gets a higher fee and it does not need to worry of interest expense. Currently, the REIT is better off selling off the buildings
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