▌What’s on the Table…
Elite Commercial REIT (ADD, tp:GBP0.826) – Seeking potential listing on TISE
ECR has proposed the potential listing of its wholly-owned subsidiary Elite UK
Commercial Holdings Limited on The International Stock Exchange (TISE).
Successful TISE listing lowers income tax rate from 19% to 15% and eliminates
capital gains tax in the UK, enhancing ECR’s distributable income, in our view.
Reiterate Add with a higher DDM-based TP of £0.83.
Lendlease Global Commercial REIT (ADD, tp:SGD0.891) – Prized “Jem” of
Lendlease Global Commercial REIT (LREIT) is lifting its stake in Jem up to c.32% for S$204m to S$337m, enlarging its portfolio by 18% to S$1.8bn. The
acquisition is DPU-accretive and enhances cash flow resiliency from higher
exposure to sub-urban retail. Gearing would improve to c.33%. Reiterate Add
rating with a higher DDM-based TP of S$0.89.