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.