AREIT: (S$2.44) Two more accretive acquisitions in Australia
- AREIT acquiring two industrial properties in Australia for A$168.2m.
- Expected to lift overall net property income by 6.5% in the first year, with rental leases embedded with annual escalation of between 3.5%-4%.
- Funding for the new acquisition will be via its recent private placement ($2.417 apiece).
- AREIT's price correction today caused by rate hike jitters may present a good entry opportunity for longer-term investors, backed by a pro forma yield of 6.3%.
- MKE last had a BUY with TP of $2.70.
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