Guthrie

Guthrie / Lee Kim Tah: both companies own the 50/50 JV Prestige, which has acquired the remaining 50% of Jurong Point 2 next to Jurong MRT station for $228.9m from an European owner. The companies together now fully own both JP1 and JP2 with ~700k sf of retail area...

Valuation of JP2 was carried out by Knight Frank and valued at $675m ($337.5m for 50%), translating to a 32% discount on the purchase price.
Funding will be through bank borrowings of $223m and internal resources. Transaction is earnings accretive and will boost EPS for LKT and Guthrie to 8.97cts and 11.5cts respectively.
LKT trades at 4.9X P/E and 0.76X P/B. Guthrie trades at 3.3X P/E and 0.6X P/B, is up 3.3% today.