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Home / Capital / Brokers Calls

IREIT stake acquisition provides more than just recurring income growth for CityDev, says Jefferies

Broker's Calls

IREIT stake acquisition provides more than just recurring income growth for CityDev, says Jefferies

Michelle Zhu Published on Fri, May 03, 2019 / 3:02 PM GMT+8

SINGAPORE (May 3): Jefferies is maintaining “buy” on City Developments (CDL) with a target price of $12 based on 0.84 times book value.

This follows news of the developer acquiring a 50% stake in IREIT Global’s manager, along with a 12.4% stake in the REIT from Tikehau Capital and another investor for a total consideration of $77.8 million.

On completion of the acquisition, CDL and Tikehau Capital will own IREIT’s manager equally.