Singapore Stock Market News
Parkway Life REIT - An accretive acquisition
StockFanatic
Publish date: Fri, 26 Dec 2014, 11:56 AM
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PLife announced the acquisition of a Japanese nursing home for S$18.9m, with a 6.9% NPI yield. The acquisition is accretive, adding ~1% to both our DPUs and DDM-based target price. While the net impact is marginal, we believe this move is part of its asset rationalisation plan, and expect further divestments and acquisitions to create value for its overall portfolio. We maintain our Add rating. Catalysts are likely to come from additional acquisitions or divestments at attractive yields.
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