MUST is adding three properties for USD201.6m at undemanding 5.8-7.0% cap rates, and delivering on its well-articulated acquisition strategy, with its latest deal. Post-deal, ‘growth markets’ concentration is set to rise from 21.0% to 28.4% of its AUM, with assets in Phoenix and Portland, backed by long WALE and quality high-growth tech and healthcare sector tenancies. Management is eyeing further AUM growth, but with gearing at 43.9%, we expect divestments could be prioritised.