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Ho Bee to get a recurrent income boost from Ropemaker acquisition: Maybank

PC Lee
PC Lee6/22/2018 03:51 PM GMT+08  • 2 min read
Ho Bee to get a recurrent income boost from Ropemaker acquisition: Maybank
SINGAPORE (June 22): Maybank KimEng is raising Ho Bee Land’s FY18-20 EPS by 7-22% after incorporating the developer’s recent acquisition of Ropemaker Place in the UK.
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SINGAPORE (June 22): Maybank KimEng is raising Ho Bee Land’s FY18-20 EPS by 7-22% after incorporating the developer’s recent acquisition of Ropemaker Place in the UK.


See: Ho Bee Land acquires Ropemaker Place in London for $1.16 bil

Maybank said the deal puts Ho Bee’s conservative balance sheet to work and should enhance its recurring EBIT by 39%. And at a 7% discount to the vendor’s asking price and with yields at almost 50bps higher than prime office yields in the same locality, the price paid appears reasonable, added Maybank.

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