- 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://maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2023-06-27
Read also Maybank's most recent report:
2024-02-02 ESR-LOGOS REIT - Getting Future Ready.Previous report by Maybank:
2023-10-30 ESR-LOGOS REIT - 3Q23 Reality Check; Moderating Momentum.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
