Saizen REIT
- A$355.8m acquisition will be satisfied via a combination of new Saizen units (79.4%) and cash (20.6%).
- Pre-RTO, Saizen will distribute its existing cashpile of up to $0.0237/unit back to unitholders.
- Aggregate annual rental yields an attractive 7.4%, and secured by a long WALE of 16.7 years.
- Based on the current share price of 6.1¢ and post capital distribution of 2.37¢, the residual 3.73¢ implies that Saizen is trading at a fair value of 1.1x pro forma P/B.
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