REITs重构：增长市场、前景与替代领域

TABLE OFCONTENTS020103Introduction: REITsReconfigured: GrowthMarkets, Prospects,and Alternative SectorsBy SigridZialcitaGlobal and RegionalTrends: AnalyzingOverarching TrendsAffecting REITs Both inDeveloped andEmerging Markets,Including EconomicShiftsBySomyThomasOffice REITs: Go Flex toStay StrongBy Christine Li04Beyond Core: GrowingInvestment Appetitefor Non-traditionaland Alternative Sectorsin Asia PacificBy Dr Henry Chin &Greg Hyland Asia Pacific Real Assets Association Limited (APREA) does not take responsibility for the contentand accuracy of articles on this publication. APREA, its respective directors, employees oraffiliates do not make any representation or recommendation whatsoever regarding articles inany of the publications. APREA believes the information in the Knowledge Brief publications tobe reliable, but we make absolutely no representation or warranty nor accept any responsibilityor liability as to its accuracy, completeness or correctness. Nothing in these publications orwebsite should be taken as a recommendation or to take account of investment objectives,financial situations or theparticular needsof any reader. Any information is no substitute for theexercise of judgment. Reader should obtain their own expert advice on all matters. APREAaccepts no liability for damage sufferedas a consequence ofour published publications,research, policies or guidance being used to mislead a third party.Copyright 2024APREA and individual authors. All rights reserved.09Reshaping Operationsand Strategies withGenerative ArtificialIntelligence (GenAI)By Catherine He10REITs: DrivingInstitutionalization inthe Commercial RealEstate SectorBy Vimal Nadar11REITs andInvITs:Evolution of theRegulatory Landscapein IndiaByPratichiMishra,Dhanush Dinesh andGunjeetSingh 0605Alternative Sectors:Opportunities in Nontraditional SectorsByGovindaSinghAlternative REITs: Subcategories andEconomic Rationale forInclusion in REITsPortfoliosByAashieshAgarwaal07Charging Up the REITswith Renewable EnergyByVinamraSrivastava08Asia Pacific’s DigitalDynasty is JustBeginningBy Jester Perez REITs Reconfigured:Growth Markets,Prospects, andAlternative SectorsBySigridZialcitaIntroduction:The rise of REITs marks a pivotal shift in theinvestment landscape, with these vehicles gainingsubstantial prominence globally. Traditionally valuedfor providing investors access to real estate assets,REITs are undergoing a significant reconfiguration toadapt to changing market dynamics. The sector iswitnessing a nuanced transformation, focusing notonly on traditional office spaces but also ondiversifying into alternative sectors such ashealthcare, datacenters, logistics, hospitality, andmore.This reconfiguration reflects a dynamic response tothe demands of modern investors, offering a broaderspectrum of investment opportunities, improvedflexibility, and resilience against economicfluctuations. As the real assets industry continues toevolve, REITs are emerging as versatile and adaptiveinstruments, poised to redefine the investmentlandscape in the years to come.APREA Knowledge Brief Volume 12REITs Reconfigured: Growth Markets, Prospects, and Alternative Sectors Our latest Knowledge Brief brings together insightfularticles covering diverse facets of the real estateinvestment landscape. We start with "Global andRegional Trends:AnalyzingOverarching TrendsAffecting REITs Both in Developed and EmergingMarkets, Including Economic Shifts" bySomyThomasof Cushman & Wakefield, which provides an overviewof the landscape. REITs have gained globalprominence, with 893 listed REITs and a marketcapitalization of $1.9 trillion in 2023. US Office REITsface challenges due to remote work trends and risinginterest rates, leading to a 31% discount. In contrast,India's REIT trade at a discount of 11% to NAV withhuge potential in growth for operational office stock,favourable government policies, and robust demandthereby offering an opportunistic investmentlandscape."Office REITs: Go Flex to Stay Strong" by Christine Liof Knight Frank delves into thethewidespreadadoption of hybrid work which has impacted REITsglobally. Despite this shift, the office's strategicimportance has heightened, with many viewing theoffice space as a strategic device, emphasizingcollaboration, cost mitigation, and talent retention inthe Asia Pacific. While the trend towards hybrid worksuggests greater flexibility in corporate real estatestrategies, office demand in the Asia-Pacific regionremains robust, benefiting office REITs, which cancapitalize on the flight-to-quality trend and shorterlease tenures conducive to market dynamics.In "Beyond Core: Growing Investment Appetite forNon-traditionaland Alternative Sectors in AsiaPacific", Dr Henry Chin & Greg Hyland of CBREdiscuss findings from the CBRE 2024 Asia PacificInvestor Intentions Survey, which indicates stable netbuying intentions, with high-net worth/privateinvestors driving buying activity, particularly inresponse to price corrections and distressed