Roxy Pacific

Roxy Pacific: Voyage reiterates its Invest rating, raises TP to $0.72. Roxy announced the acquisition of an A$90m 28-storey commercial building in the Sydney CBD precinct. The 89% occupied property will raise Roxy's investment property revenue from $1.6m in FY13 to an estimated $4.6m in FY14, and $11.9m in FY15 on full year contribution. The project enhances Roxy's return on its balance sheet, with scope for redevelopment upside at a later date. The property is about 500m away from the billion dollar Darling Harbour Live project - Sydney's new convention, exhibition and entertainment hub - slated to open in late 2016. It is also situated right next to the cross junction with George Street, where part of a major light rail, to be constructed over the next five or six years, will run parallel to it. The location means Roxy is likely to enjoy capital appreciation gains over a three-to-five year horizon.