Capita Commertical Trust: Confirmed yesterday that it has obtained provisional permission for the redevelopment of Market Street Car Park, but stressed that it has not decided if it would embark on the project. CCT was responding to a BT report last Sat, which said that the REIT has received provisional permission in Nov last year to turn Market Street Car Park into an office tower…..
CCT said that its manager was evaluating the redevelopment and 'has not arrived at any decision at this point', and advises unitholders to exercise caution in trading CCT units as there is no certainty that the proposed project would materialize…
We note that Street has a mixture of Buy, Hold and Sell Calls on stock, with a Median TP of $1.57, vs current price of $1.43. At current levels, REIT trades at an estimated FY11 0.95x P/B yield of 5.1%.
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