Cache Logistics Trust

Cache Logistics Trust: SCB downgrade to in-line from Outperform with $1.32 TP. Note that given the low cost of equity currently, Cache could fund $280m of acquisitions using a mix of debt and equity. Note however that Cache is currently trading at 5.9% implied cap rate and 1.38x P/B, above the industrial sector average of 1.26x, which fairly values the stock.