AU : APN Convenience Retail REIT - Portfolio adds some southern exposure
AQR has announced the acquisition of a portfolio of six properties in SA (sale and leaseback) for A$35.5m (debt funded/5.9% average yield). The assets have new 20 year leases with fixed annual rent reviews of 2.75%. The new properties will settle in June 2021. The portfolio is now valued at A$655m across 103 assets with a WACR of 6.1% and WALE of 12.2 years. We expect the next newsflow will be updated revaluations for the balance of the portfolio as at June 2021. FY21 guidance is unchanged. We make minor changes to our forecasts given we had factored in acquisitions which were under due diligence. We retain an Add rating with a revised price target of A$4.15.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...