Deal of the decade

Investment Thesis
A new lease of life secured for the next two decades. Parkway Life Real Estate Investment Trust (PREIT) has surpassed expectations with the renewal of the Singapore hospitals’ master lease that comes with c.40% rent increment, 27% rise in NAV, and 20-year extension of lease tenure. While trading at a premium of 2.4x P/NAV, we believe PREIT’s growth story remains intact with catalysts in the pipeline. BUY!