CCT: (S$1.38) Proposed to acquire remaining 60% stake in CapitaGreen
- Proposed exercise of call option to acquire balance 60% of MSO Trust, which owns CapitaGreen, for $393m.
- Values CapitaGreen at $1.6b, or $2,276 psf, based on cap rate assumption of 4.15%
- On a pro forma basis, 1Q16 DPU is estimated to be higher at 2.22¢ (+1.4%); aggregate leverage would rise 7.6ppt to 37.7%.
- Maybank KE is cautious on CCT (Hold, TP $1.40)
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