CGS-CIMB Research analysts Lock Mun Yee and Darren Ong have raised the target price accompanying their ‘add’ call for Elite Commercial REIT from 79.2 British pence ($1.48) to 82.6 British pence.

The higher target price follows the REIT’s announcement on June 4 that it is currently in the process of applying for its wholly-owned subsidiary for Elite UK Commercial Holdings (ECHL) to be listed on The International Stock Exchange (TISE).

ECHL will be listed on the TISE as a listed UK REIT and Elite Commercial REIT will continue to hold 100% of the shares in ECHL. The proposed listing is expected to be completed by 3Q2021.

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