SINGAPORE (Sept 15): Daiwa Capital Markets is keeping its “outperform” rating on Ascott Residence Trust (Ascott REIT) with an unchanged target price of $1.24, amid “business as usual” for the REIT in the UK post-Brexit.
With Ascott REIT’s UK occupancy rates remaining in the healthy range of between 85-90%, the management is looking out for potential acquisitions there, according to Daiwa analyst David Lum.
“Management is hopeful of some distressed-sale opportunities as some property funds could face redemption pressure,” says Lum in a Wednesday report.
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