Monday, July 18, 2011

CapitaComm Trust

CapitaComm Trust: Has signed a JV with CapitaLand and Mitsubishi Estate Asia to redevelop Market Street Car Park under a 40:50:10 MSO Trust. Citi maintains hold, TP $1.47, citing a lack of yield-accretive 3rd-party acquisitions and slowing rental growth, lack of catalysts to outperform, as deal appears to benefit CapitaLand more.

IIFL also retain Reduce, TP $1.57, as house remain cautious on SG office sector given slowing demand and flight to quality among tenants towards newer Grade A office buildings.

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