CAPITALAND RETAIL CHINA TRUST
AU8U.SI
CapitaLand Retail China Trust - Completed acquisition of Galleria Chengdu
- The trustee of CapitaLand Retail China Trust (CRCT) has completed the acquisition of Galleria, Chengdu, China.
- The acquisition will enlarge CRCT’s portfolio size by about 14% to RMB 12,547m (S$2,550.3m).
- Post-acquisition, CRCT’s gearing ratio is expected to increase to about 37%.
- We view the mall as a potential core asset, offering a steady contribution within the portfolio.
- Going forward, the focus will be on improving the F&B tenant mix and reaping cost savings from the property management, which is currently outsourced to a third party.
- We maintain our BUY rating with a fair value of S$1.67.
Deborah Ong
OCBC Investment
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http://www.ocbcresearch.com/
2016-10-03
OCBC Investment
SGX Stock
Analyst Report
1.67
Same
1.670
