Singapore Stock Market News
Croesus Retail Trust - Executing acquisition growth
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Publish date: Wed, 03 Sep 2014, 10:50 AM
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CRT's purchase is not surprising, although the property was not part of its ROFR assets. This demonstrates management's ability to source for assets in an increasingly competitive environment. The property would expand AUM by 16.6% and NLA by 26.7%. The initial NPI yield is 5.8%, lower than its existing portfolio NPI yield but we believe there is scope for further upside should the property undergo an AEI. The purchase is funded by a combination of debt and equity, and would initially raise DPU by 1.5%.
Maintain Add and DDM-based target price at S$1.16. CRT offers investors 7.9-8% FY15-16 DPU yield.
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