SM Prime says 'not the right time' for REIT

SM Prime Holdings Inc. (SMPH) on Tuesday said it is still not the right time to launch its real estate investment trust (REIT) which it initially targeted to establish by the second half of 2023, citing the prevailing market conditions.

SM Prime Holdings Inc. on Tuesday said it is still not the right time to launch its real estate investment trust which it initially targeted to establish by the second half of 2023, citing the prevailing market conditions.According to SMPH president Jeffrey Lim, the company continues to evaluate the prevailing market conditions before it pushes through with its $1-billion REIT .“I don’t think it’s the right time for us,” he told reporters during a media briefing in Pasay City.

We continue to look at retail REIT as an option other than the borrowings, but its a timing matter, considering the market conditions at this point in time,” he said.According to SM Smart City president Glenn Ang, the reclamation project is still on track to be handed over four years from now in 2028.“The project right now is on track. We are following our timeline. It has not moved yet.

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