AREIT: (S$2.32) Selling Ascendas Z-Link in Beijing
- Divesting business park property in Beijing for Rmb760m ($160m).
- Priced at an attractive 1.55x P/B, or 2.5x higher than its acquisition price in Oct 2011.
- Post-acquisition, aggregate leverage expected to be lowered to 36.4% (end Mar '16: 37.2%).
- House last had a Buy rating with TP of $2.57 on AREIT, on the basis that industrial supply in Singapore will start to brighten up from 2017 onwards.
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