Capita Commercial Trust & Capita Mall Trust: IIFL note that small benefit from refinancing.
Raffles City (60% owned by CCT and 40% owned by CT) has refinanced debt of $964m at ttractive fixed I/R of 3.07% (vs earlier 4.2%). Revised DPU estimates upwards for both CCT and CMT by 0.3-2.8% as the lower interest rate has marginal accretion of 1c to valuation for both...
Continue to remain cautious on office and positive on retail. Maintain REDUCE on CCT, TP $1.56 from $1.55 and BUY on CT, TP $2.42 from $2.41.
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