Industrial REITs: CLSA sees higher M&A probability amid weak organic outlook
-this can be seen in recent DPU accretive transactions
-i)Ascendas REIT selling Ascendas Z-link, China business park
-ii)Mapletree Logistic Trust buying four Australian warehouse facilities
-continue to favor industrial REITs due to:
-a)higher pre-commitment of 2016 supply
-b)government loosening policies and reducing industrial land supply
-c)M&As expected to drive value creation
-Top pick: Mapletree Industrial Trust (TP: $1.83); highest 3-year DPU CAGR & lowest gearing
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