CapitaLand Ascendas REIT Seems to Be Aiming for Steady Growth -- Market Talk

Dow Jones02-07

0325 GMT - CapitaLand Ascendas REIT seems to be aiming for steady growth, UOB Kay Hian analyst Jonathan Koh says in a research report as the brokerage raises the REIT's target price to S$3.62 from S$3.50 with an unchanged buy rating. Management guided for mid-single-digit rental reversion in 2024 and said it will search for opportunities to optimize returns in Singapore, Koh notes. Rental reversion occurs when leases are renewed at new rental rates. Also, management expects positive rental reversion in Australia, thanks to low vacancy rates for logistics properties, while the REIT's U.K. and Europe portfolio is likely to be resilient due to a long weighted average lease expiry, Koh adds. Units are 1.1% higher at S$2.81. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 06, 2024 22:25 ET (03:25 GMT)

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