Keppel REIT Set to Gain From Australian Asset Stake Acquisition -- Market Talk

Dow Jones04-04

0251 GMT - Keppel REIT stands to gain from its acquisition of 50% interest in 255 George Street, a freehold 29-level Grade A office tower in Sydney, UOB Kay Hian analyst Jonathan Koh says in a research report. The asset is strategically located at the heart of Sydney's core precinct and it's been newly renovated with premium amenities, Koh notes. Also, the asset has a diversified mix of quality tenants and offers high yield of above 6%, Koh adds. The brokerage lifts its 2025 distribution-per-unit forecast for the REIT by 1.5% after factoring in the contribution from the acquisition. It raises the REIT's target price to S$1.26 from S$1.24 with an unchanged buy rating. Units are unchanged at S$0.88. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

April 03, 2024 22:51 ET (02:51 GMT)

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The brokerage lifts its 2025 distribution-per-unit forecast for the REIT by 1.5% after factoring in the contribution from the acquisition. It raises the REIT's target price to S$1.26 from S$1.24 with an unchanged buy rating. Units are unchanged at S$0.88. 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