Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

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<p>AAREIT has acquired Woolworths HQ in Sydney for ~S$454m, which increases its asset size by ~27% to S$2.18bn. The asset sits on a 9ha freehold land with a development potential of up to 4x of its current NLA of ~45,000sqm. On a FY21A pro-forma basis, this transaction is DPU accretive by 4.7%. Given resilient Logistics segment (38% of portfolio) and new mgmt’s continued focus on executing inorganic growth strategy (Alexandra Rd in pipeline), we are positive on the direction of AAREIT.</p>
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AAREIT has acquired Woolworths HQ in Sydney for ~S$454m, which increases its asset size by ~27% to S$2.18bn. The asset sits on a 9ha freehold land with a development potential of up to 4x of its current NLA of ~45,000sqm. On a FY21A pro-forma basis, this transaction is DPU accretive by 4.7%. Given resilient Logistics segment (38% of portfolio) and new mgmt’s continued focus on executing inorganic growth strategy (Alexandra Rd in pipeline), we are positive on the direction of AAREIT.




AIMS APAC REIT: Transformative Acquisition; Significant Development Potential