Citigroup Maintains 'Buy' on LINK REIT, Citing New CEO's Strategic Alignment

Stock News07-07

Citigroup has released a research report following the announcement by LINK REIT (SEHK: 00823) that it has appointed Lian Chengde as its new Chief Executive Officer, effective next March.

Lian Chengde has served as CEO, Co-Chief Investment Officer, and Chairman of the Investment Committee at Redevco, one of Europe's largest retail property owners and operators, since October 2023. Prior to that, he held the position of Global Head of Real Assets and Global Head of Real Estate at Aberdeen Investments (formerly known as abrdn).

Citigroup maintains its 'Buy' rating on LINK REIT with a target price of HK$44.8, citing positive factors such as improving sales and stabilizing rents among Hong Kong retail tenants, along with potential share buybacks.

The bank's analysis suggests the new CEO's experience aligns closely with LINK REIT's strategic priorities. His experience leading Redevco's essential retail leasing platform is expected to be beneficial for managing the core Hong Kong retail portfolio of LINK REIT. Furthermore, his expertise in portfolio repositioning, acquisitions, capital allocation, and his institutional real estate investment background are viewed as assets in areas such as asset selection, valuation, and capital recycling.

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