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CRCT kept at 'hold' despite slight DPU accretion from mall acquisition

Michelle Zhu
Michelle Zhu11/30/2017 11:15 AM GMT+08  • 2 min read
CRCT kept at 'hold' despite slight DPU accretion from mall acquisition
SINGAPORE (Nov 30): OCBC Investment Research is maintaining its “hold” on CapitaLand Retail China Trust (CRCT) with a higher fair value of $1.63 compared to $1.61 previously, after accounting for the trust’s acquisition of Rock Square and its privat
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SINGAPORE (Nov 30): OCBC Investment Research is maintaining its “hold” on CapitaLand Retail China Trust (CRCT) with a higher fair value of $1.63 compared to $1.61 previously, after accounting for the trust’s acquisition of Rock Square and its private placement to fund it.

To recap, CRCT had formed a joint venture (JV) with its sponsor CapitaLand to acquire the entire stake of a company that owns Rock Square, a shopping mall in Guangzhou, with the trust as a 61% majority shareholder.

The private placement of 51.5 million new units closed yesterday at the issue price of $1.612, with the upsize option of 12.9 million additional new units exercised to raise a total of $103.8 million.

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