Cambridge Industrial Trust

Cambridge Industrial Trust: Daiwa maintains OutPerform with $0.64 TP, citing grp’s proposed acquisition of 3 properties for $116.8m and 1 for 8 rights issue at $0.429/unit to raise $56.7m. Note that Rights issue looks accretive, and acquisitions shows that grp’s deal flow remains robust, attractive (at an 8% yield for the largest asset), and disciplined (with triple-net leases of at least 5yrs).