CapitaLand: See DB rpt. sale of Adelphi. Divests 163 units, 86 office and 77 retail, in The Adelphi for $218.1m to the Guthrie GTS and Sun Venture JV. Occupancy rates for the office and shop units are 92.1% and 98.2% respectively. Property is a 999-yr leasehold, near City Hall MRT comprising of a 5-storey retail podium and a 6-storey office blk with 4 lvls of basement parking. BV is $200m as of Nov 2010…
Capitaland expects to recognise 15.7m net profit upon completing the sale in 28 Jan 2011. Given prev lack of majority control to redev Adelphi, divestment is mildly positive will yield $15.7m net profit and fund proceeds to other invts…
Deutsche maintains Buy with TP at $4.90. Co has had series of divestments, including Robinson Point ($203.3m) and StarHub Centre ($380m), both divested by CapComm Trust, and Clarke Quay, which was sold by CapMalls Asia to CapMall Trust for $268m.
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