SINGAPORE (Sept 10): CGS-CIMB is maintaining its “add” call on Ascendas Real Estate Investment Trust (AREIT) with a target price of $2.89.

This came on the back of the REIT announcing a private placement of 178 million units at $2.54 apiece to raise $452.1 million in proceeds to partly fund the proposed acquisition of a second UK logistics portfolio worth about $250 million, the proposed development of a new built to suit (BTS) property in Singapore worth $109 million, as well as to pare down $87.1 million of debt.

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