Local REITs outpace broader market despite sagging asset valuations

Kylar LoussikianDeputy editor - Business

Updated Jul 3, 2024 – 9.27pm, first published at 5.15pm

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Sagging valuations and higher financing costs did not stop Australia’s largest REITs from significantly outperforming the broader market in the last financial year, with Goodman Group the standout, buoyed by rising demand from investors for exposure to data centres.

HMC Capital, the operator of two ASX-listed REITs founded by former UBS dealmaker David Di Pilla, recorded the second-best total returns – which accounts for any dividends as well as share price increase – after Goodman.

correction —

This article previously misattributed a quote to Macquarie. It has been updated to clarify it was written by Barrenjoey.

Kylar Loussikian is the Financial Review's Deputy editor - Business Email Kylar at kloussikian@afr.com