OCBC downgrades First REIT to sell

Analyst Joseph Ng at OCBC Bank has downgraded First REIT, Singapore’s first listed healthcare real estate investment trust, to a “sell” based on concerns about its main revenue contributor and sponsor, Indonesian conglomerate Lippo Karawaci. “S&P Global has recently downgraded LK from B- to CCC+ with negative outlook, and has mentioned that they could lower…