Global Yellow Pages

Global Yellow Pages: Global Yellow Pages (GYP) proposed to acquire a commercial property in Auckland, New Zealand, for NZ$96m ($96.3m), translating into a net rental yield of 8.1%. The freehold property, Pakuranga Plaza, is located in the centre of Pakuranga and occupies a land area of 39,209 sm, comprising retail and office space with a gross lettable area of 29,541 sm and an occupancy rate of 97%. GYP intends to finance the acquisition from the proceeds of the recent rights issue completed in Jun '14, as well as existing funds. Post-acquisition, proforma FYMar14 EPS will improve 60% to 1.41¢, while NTA/share will remain at 4.52¢. GYP trades at proforma P/E of 3x and 0.95x P/B.