** Jefferies says the macro environment for Australian REITs
is expected to be supportive in 2021, driving 18% total
shareholder returns in the year
    ** This reporting season we expect improving cash 
collection and distributions with updated outlook, strong retail
 sales, and improving office utilisation - Jefferies
    ** Says increased savings and lack of offshore travel should
 see 2021 as a year for malls to shine again despite increased
online sales penetration
    ** Office remains the wildcard with 10-15% effective rental
declines priced in and valuations holding, adds broker
    ** Says higher AUD will have a minor impact on offshore
earners Lendlease Group  LLC.AX  and Goodman Group  GMG.AX  
    ** Upgrades Aventus Group  AVN.AX , Charter Hall Retail REIT
 CQR.AX  and Stockland Corp  SGP.AX  to "buy" from "hold"; 
downgrades Centuria Office REIT  COF.AX  to "hold" 

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))