DBS Vickers initiates a Buy with $1.05 target price as it offers investors highest yield protection among S-REITs, backed by defensive rental income stream derived from master lease agreement on portfolio of modern, high-quality logistics assets with in-built annual rental escalation of 1.5%. Notes weighted average lease expiry of 6.4 years longer than 5 years for industrial peers.
Opportunities for acquisition growth plentiful as CLT has right of first refusal to assets owned by sponsor CWT, which has pool of 11 properties that can be injected into CLT.
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