IREIT Global - Maiden acquisition, rights issue | I3investor

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IREIT Global - Maiden acquisition, rights issue

StockFanatic

Publish date: Tue, 14 Jul 2015, 01:57 PM

IREIT Global has announced a 45-for-100 rights issue of S$88.7mn, fully supported by its two major shareholders who together hold a 76.5% stake, to partly fund its maiden acquisition in Berlin for EUR144.2mn. In our view, this acquisition reduces portfolio tenant concentration risk, extends its portfolio lease expiry, and demonstrates an ability to grow through acquisitions. Gearing however rises to 43.7%.

We trim our DPU forecasts by 0-2% and adjust our ex-rights PT down by 10% to S$0.76. Maintain EW. The dividend yield has improved but it trades at 1.3x FY16E P/B. We expect further EUR/SGD depreciation and flat organic growth.

IREIT Global SGD (UD1U)

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