0330 GMT - Mapletree Industrial Trust's acquisition prospects seem subdued due to rising interest costs, Citi analyst Brandon Lee writes in a research report. The trust's lack of asset purchases since May 2021 points to a challenging acquisition environment, which could worsen because of a rising interest-rate environment, the analyst says. As industrial rents have tended to remain flat or fall during economic slowdowns, a decline in Singapore's GDP growth will likely weigh on the trust's rental growth, he says. The bank cuts its rating on the trust's units to neutral from buy and lowers its target price to S$2.22 from S$3.15. Units fall 0.9% to S$2.24. (yiwei.wong@wsj.com)
(END) Dow Jones Newswires
October 16, 2022 23:33 ET (03:33 GMT)
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