MLT: (S$0.98) Acquiring properties in Sydney; headwinds linger
- Proposed to acquire a portfolio of warehouses in Sydneyfor A$85m ($84.4m), or NPI yield of 7.1%.
- Post-acquisition, MLT's aggregate leverage ratio is expected to be 36% (end-4QFY3/16: 39.6%).
- The street is generally neutral on the REIT, citing leasing risks and increased finance expenses.
- Trading at 0.96x P/B and forward distribution yield of 7.5%.
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