The Financial Post reports in its Saturday edition that Brookfield Asset Management sees the potential for more property acquisitions from real estate investment trusts in Singapore after its first deal in the city state. A Bloomberg dispatch to the Post says many listed REITs in the country are trading at discounts to their net asset value, said Brookfield's Andrew Burych. It is "pretty interesting to work with these REITs to see if there's transactions we can do with them, so that they can recycle the capital into more core businesses," Mr. Burych said. Brookfield agreed last week to buy a $414-million (U.S.) portfolio from a REIT backed by Singapore state investor Temasek Holdings. The two business park properties and two multistorey buildings catering to biomedical and pharmaceutical industries are being sold by Mapletree Industrial Trust at a premium to valuation of about 2.6 per cent. Singapore's REIT market, one of the largest in Asia, has fallen out of favour amid high borrowing costs. An index that tracks the sector has declined about 15 per cent in the past two years, compared with a gain of nearly 21 per cent on Singapore's broader equities gauge. Brookfield has sought to expand further in Asia.