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SPH REIT Buying Figtree Grove in Australia
■ SPH REIT plans to acquire an 85% stake in Figtree Grove, a sub-regional shopping centre in Australia. ■ The purchase is to be funded by a combination of debt and internal funds. It is expected to be DPU accretive. ■ We raise our FY19-21F DPU by 0.5-0.8%. Maintain Hold with a slightly higher DDM-based target price.
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Check out our compilation of Target Prices