First REIT: Could see some interests after grp made its first acquisition in Korea, which could provide an avenue of pipelines for future acqusitions. At US$13m, Sarang Hospital boasts gfa of nearly 5,000 sqm. Acquisition will be funded entirely by a bank loan and expected to complete by next mth. Post acquisition, First Reit's total asset size will grow to $602.6m, and gearing to increase to 16.4%......
Sarang Hospital has net property yield in excess of 9% and its annual rental income is expected to climb 2% annually. After acquisition, Grp plans to expand its portfolio size to $1b in the next 2-3 yrs as it seeks out yield-accretive assets throughout APAC. Grp has an attractive estimated current REIT yield of 7.7%E FY11.
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