Recently, an EGM was successfully held to pass the resolution for the acquisition of Starhill Gallery and Lot 10 in Kuala Lumpur for S$441m, which will be DPU accretive from 3Q10. This acquisition came right on the heels of the David Jones in Perth acquired in January for S$146m. Starhill Global currently has a portfolio of 11 prime retail and office properties in S'pore, China, Japan & Australia. Main revenue contributors are Ngee Ann City and Wisma Atria in S'pore.
With a new CEO at the helm, Mr Ho Sing has a clear vision to grow Starhill by at least $3b in assets over the next five years, more than doubling its current size. Starhill’s balance sheet strength and strong sponsor (Malaysian blue chip YTL) will pave the way for acquisition growth. Given the current volatile mkt conditions, Starhill Global may be worth taking a look in view of its enticing yield of more than 7%.
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