ESR-LOGOS REIT - Maybank Research 2023-06-27: Execution On Divestments; One Step Closer

• ESR-LOGOS REIT (SGX:J91U) divested 7 non-core assets at a valuation of S$337m, representing a 4.5% discount to book value. We see the divestment as the first concrete step in its capital recycling plan, following its S$300m EFR (equity fund raising) completed in April.
• - Read this at SGinvestors.io -

Deal at a discount and NPI support

• The portfolio of 4 logistics and 1 industrial asset was acquired by Intertrust Group, an Amsterdam-based trust management company. According to the manager, ESR-LOGOS REIT will provide NPI support of S$4.8m to Intertrust across 36 months. Without NPI support, the portfolio was valued lower at S$325.4m.
• - Read this at SGinvestors.io -
• The other two smaller assets were sold at a premium to two separate parties.
  • Read more at SGinvestors.io.
  
  
  
  

  
  Above is the excerpt from report by Maybank Research.
  Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
  
  

  
  
  Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2023-06-27 SGinvestors.io
  
  

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  Read also Maybank's most recent report:
  2024-08-01 ESR-LOGOS REIT - Growing Japan Portfolio.

  Previous report by Maybank:
  2024-04-24 ESR-LOGOS REIT - Refinancing Booked.

  Price targets by other brokers at ESR-LOGOS REIT Target Prices.

  Listing of research reports at ESR-LOGOS REIT Analyst Reports.

  Relevant links:
  ESR-LOGOS REIT Share Price History,
  ESR-LOGOS REIT Announcements,
  ESR-LOGOS REIT Dividends & Corporate Actions,
  ESR-LOGOS REIT News Articles