CapitaMall Asia: Gurney Plaza Sd Bhd, a 49% held associate of Metro Holdings has exercised its put option to divest its interest in the 134,549sf retail property Gurney Plaza Extension in Penang to CMA for RM215m. Separately, CMA will be granting CapitaMalls Msia Trust (CMMT), the right of 1st refusal to acquire the Penang property after the finalizing the acqn. CMMT is still in the midst of its IPO on Bursa and will make a decision on whether to acquire the asset only after its listing.
Mgmt expects organic growth from its strategically located Sungei Wang Plaza, Gurney Plaza but sees greater potential for rental reversions from and The Mines. Despite being a new entrant, the listing of CMMT will enable CMA to expand more aggressively into M’sia and leverage on its debt headroom. CMA will continue to focus on China where pricing expectations are becoming more realistic. Stock is trading at 1.4x P/B; likely to trade within narrow band of $2.00-2.10.
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