Partnering COREF To Acquire 79 Robinson Road
We view the acquisition of a 70% stake in 79 Robinson Road positively as its NPI yield
of 4% is attractive for Grade A office properties in prime locations. The property is well
located in close proximity to Tanjong Pagar, Prince Edward and Shenton Way MRT
stations and has a diversified blue chip tenant base. This is a small acquisition that
increases AUM by 3.9%. It is accretive to pro forma 2021 DPU by 2.9%. Distribution
yield is attractive at 5.4% for 2023. Maintain BUY. Target price: S$2.50.