Lian Beng - Opportunistic Property Acquisition | I3investor

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Lian Beng - Opportunistic Property Acquisition

StockFanatic

Publish date: Mon, 19 May 2014, 03:30 PM

Lian Beng, through its 32%-owned associated company, Epic Land Pte Ltd, has entered into an agreement to purchase 92.8% of the aggregate strate area of Prudential Tower from Keppel REIT for SGD512m.

We view this opportunistic acquisition favourably, as the sale of Prudential Tower's strata-titled units could offer Lian Beng earnings boost of c.SGD23.3m, or recurrent rental income of SGD5.1m annually.

Maintain BUY and SGD1.17 TP.

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