Link REIT announced after market last Friday its 7th acquisition (Mall) in Guangzhou – one of the tier one cities in China. Passing yield looked not high (4%) but we expect to see meaningful upside due to high expiry of tenants in the next 2-3 years and potential AEI ahead. We assess that the acquisition does not only boost its rental income but also helps diversify its recurring income. Reiterate Add and TP of HK$82.6.
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