SINGAPORE (Oct 9): OCBC has upgraded Ascendas Real Estate Investment Trust to buy with a higher fair value estimate of $2.58 versus $2.49 prior after the REIT announces acquisitions of properties in Australia.

OCBC notes that Ascendas REIT plans to buy 26 logistic properties in Australia for A$1.01 billion ($727 million).

The house doesn't think the properties are cheap, but it sees positives in the deal as the acquisitions will propel the REIT to become the eighth-largest industrial landlord in Australia.

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