Tuesday, December 20, 2011

Global Logistic Properties - Beachhead for asset management

GLP has acquired a 50% stake in a logistics facility portfolio from LaSalle Investment Management valued at 

US$1.6bn. The acquisition is slightly accretive to its tangible asset value and marks the start of asset management. 

We view this move positively. Balance sheet remains strong with a resultant net gearing of 0.4x, on our estimates. 

We lift our RNAV-based TP with FY12-14 EPS estimates up by 3-9% to factor in the accretion and a 15x PE applied 

to its new fee income stream. Maintain Outperform.

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