Continued Growth From Australia And Germany
FLT opportunistically deleveraged by divesting Cross Street Exchange for S$811m in Mar 22. Cap rates have reversed to expansion of 110bp yoy in Australia and 75bp yoy in Germany. FLT has announced a small acquisition of four logistics properties in Germany for S$189m. More acquisitions are forthcoming, supported by a sizeable sponsor pipeline and its low aggregate leverage of 30.7%. FLT provides an attractive distribution yield of 6.3% for FY24 (MLT: 5.7%). Maintain BUY. Target: S$1.52.
